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Oil Prices Decline Amid Rising COVID-19 Cases

Oil prices dropped on Thursday, amid a rally in the dollar and concerns about deteriorating fuel demand as global COVID-19 infections linger. In Europe, a fresh wave of virus cases prompted authorities to reintroduce travel restrictions.

Investors were also nervous after the Federal Reserve chair Jerome Powell warned that the US economic recovery may come to a halt without additional fiscal stimulus.

At around 03:45 AM GMT, US WTI crude fell by 1.3% to $39.43 a barrel, while Brent crude declined 1% to $41.35 a barrel.
On Wednesday, both benchmarks rose slightly after government data showed US crude and fuel inventories declined last week.

Meantime, the EIA data pointed that US crude inventories fell for the second straight week, by 1.6 million barrels for the week ended September 18th.

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About Babajide Iletogun

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