Business Standard

Oil slips 2% as resurgent Covid-19 makes investors worry about US demand

Brent crude futures fell 85 cents, or 2 per cent, to $42.44 a barrel by 12:58 p.m

oil, prices, crude
Premium

he fresh surge has prompted states such as California and Texas to reimpose some restrictions

Reuters
Oil prices fell about 2 per cent on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption.

Brent crude futures fell 85 cents, or 2 per cent, to $42.44 a barrel by 12:58 p.m. EDT (1658 GMT), after gaining 0.5 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures fell $1.07, or 2.6 per cent, to $39.83 a barrel.

"As the US, Brazil and other countries continue to get hammered by Covid-19, demand is at stake," said Louise Dickson, oil markets analyst at Rystad Energy.

The United States

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in