Oil prices plunge on demand worries

Wednesday, 28. October 2020 14:40

With the looming threat of more strict lockdowns around the world due to a surge in new cases of the coronavirus, crude prices dropped even further on Wednesday.

Bearish data on crude inventories in the United States compounded demand concerns, while official government data on stockpiles was set for a release later in the day. Earlier, it was reported Europe's largest economy Germany will start a lockdown on November 2.

Brent for December delivery sank 4.85% to $39.20 per barrel at 9:32 am ET. At the same time, December West Texas Intermediate futures tumbled 5.46% to $37.35 per barrel.

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