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Oil prices slumped on Wednesday, driving major benchmarks to their lowest closing levels since early October, after OPEC and the International Energy Agency warned of impending oversupply and rising COVID-19 cases in Europe increased the downside risks to demand recovery.
Brent crude futures fell $1.36, or 1.7%, to $81.05 a barrel by 12:18 p.m. EST (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures settled at $78.36, down $2.40, a 3% decline.
The declines took Brent to its lowest close since October 1 and U.S. crude to its lowest settlement since October 7. Traders said the market's recent action suggests funds are
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