Oil prices lowest since June amid COVID worries

Thursday, 29. October 2020 10:25

Prices of oil futures decreased on Thursday to levels last seen in June as demand was seemingly impacted by the resurgence of the coronavirus in several major global economies and yesterday's lockdown announcements in Germany and France. Furthermore, the United States Energy Information Administration (EIA) revealed that crude oil inventories in the country increased by 4.3 million barrels in the week ending October 23.

Brent for December deliveries was 1.77% down, going for $38.33 per barrel at 5:10 am ET, while West Texas Intermediate (WTI) for settlements in the same month lost 2.06% to sell for $36.60 per barrel a minute later.

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