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With a significant drop in the new coronavirus cases in the epicentre of the outbreak, oil prices increased by 1% on Thursday. Brent went up by 0.8% and was traded at $59.57 a barrel. WTI rose by 0.9% and was traded at $53.78 per barrel. On the other hand, blockade of ports and oilfields in Libya and US sanctions on Rosneft has reignited the global oil supply worries.