Oil falls nearly 1% amid European lockdowns, US election uncertainty

The Bank of England increased its bond-buying stimulus as it prepared for economic damage from new coronavirus lockdowns and the looming risk of Brexit

Oil prices fell nearly 1 per cent on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the US presidential election had still not been settled.

Brent crude settled down 30 cents, or 0.7 per cent, at $40.93 a barrel and US West Texas Intermediate (WTI) crude was down 36 cents, or 0.9 per cent, at $38.79. Both contracts jumped about 4 per cent on Wednesday.

The European Union's executive commission lowered its economic forecast, adding that said the economy would not rebound to pre-virus levels until 2023.

"Despite some surprisingly bullish crude data this week, the