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Oil prices are taking a hit after major oil producers warned of reduced demand if the current crisis continues.
This comes following the OPEC meeting held on Wednesday.
Investors were not expecting any production cuts from the meeting and there were no surprises. But the dovish outlook is now pushing oil prices lower.
At the time of writing, WTI crude oil is trading below the 42.00 level, trading almost $1 lower.
Despite the declines, we expect oil prices to continue holding the sideways range between the 42.00 and 41.00 levels in the near term.
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