Oil extends losses, drops over 5% to May levels

Thursday, 29. October 2020 14:24

Prices of oil futures fell further on Thursday to land at their lowest points since late May as new coronavirus-caused lockdowns in France and Germany were seemingly expected to negatively affect the global oil demand. In addition, the reported increase in the United States crude stockpiles may have sparked fears of oversupply.

Brent for December deliveries dropped 5.98%, going for $36.81 per barrel at 9:13 am ET, while West Texas Intermediate (WTI) for settlements in the same month lost 5.94% to sell for $35.15 per barrel at the same time.

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Breaking the News / MS