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Oil Prices Down on COVID-19 Resurgent Concern

Oil prices were down on Thursday, amid concerns about weak fuel demand after a resurgent of COVID-19 infections across Europe.

President Emmanuel Macron announced night curfews for four weeks from Saturday in Paris and other major cities, while German launched tougher measures to fight the pandemic.

Meantime, investors were wary of renewed Sino-US tensions after added China’s Ant Group to a trade blacklist, before the financial technology arm of e-commerce Alibaba is set to go public.

On the supply side, the API Wednesday reported a larger-than-expected of 5.422 million-barrel draw in crude oil supply for the week ending October, 9th. Traders now look at data from the US Energy Administration (EIA), due later in the day.

At around 06:15 AM GMT, WTI crude fell 0.3% to $40.93 a barrel. Brent crude also dropped 0.3% to $43,20 a barrel. Oil prices have hovered around $40-$45 a barrel since June due to the economic uncertainty over a health crisis.

About Babajide Iletogun

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