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Oil Prices Drop Amidst Fear of Lockdown in US

Oil prices fell on Thursday, amid growing fears that renewed COVID-19 lockdowns in the US and some parts of the globe could hurt signs of a sustained recovery in fuel demand.

On Wednesday, oil prices increased after industry data showing US gasoline stockpiles fell by 4.8 million barrels last week as demand rose to 8.8 million barrels per day.

At around 06:00 GMT, WTI crude dropped by 0.3% to $40.76 a barrel, while Brent crude was down 0.2% to $43.19 a barrel.

About Babajide Iletogun

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