Oil prices slide as surge in Covid-19 cases weighs on demand outlook

US West Texas Intermediate crude futures were down 70 cents, or 1.7 per cent, at $40.57 a barrel

Oil prices fell on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output.

The most-active Brent crude contract for October fell 58 cents, or 1.3 per cent, to $43.51 a barrel at 10.55 GMT. The September Brent contract, which is expiring on Friday, fell 57 cents to $43.18 a barrel.

US West Texas Intermediate (WTI) crude futures were down 70 cents, or 1.7 per cent, at $40.57 a barrel.

Both benchmark contracts rose on Wednesday after the US Energy Information Administration (EIA) reported the largest