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Oil Prices Dip on Demand Concern

Oil prices tumbled on Friday, extending its previous losses, amid mounting fears that COVID-19 lockdowns in the US and across Europe will weaken global fuel demand.

On Thursday, several US states saw record numbers of virus cases in the wake of the presidential election, while in Italy, a daily record number of infections were also seen, amid colder weather.

Meanwhile, Reuters reported that the European Union (EU)’s executive commission now predicts that the economic zone will not see a rebound to pre-virus levels until 2023.

On the election front, Democrat Joe Biden has so far claimed 264 of the 270 electoral votes needed with Pennsylvania, Georgia, Nevada and North Carolina still counting votes. As for supply, OPEC is considering a possible extension of oil output restrictions into Q1 2021.

At around 05:45 AM GMT, WTI crude tumbled 2.7% to $37.74 a barrel, while Brent crude slumped 2.5% to $39.89 a barrel.

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