Oil declines, snapping three-day win streak amid European lockdowns
Oil prices dropped on Thursday, weighed down by the steady rise in coronavirus infections and as the outcome of the U.S. presidential election had still not been settled.
Brent crude fell 38 cents, or 0.9%, to $40.85 a barrel and U.S. West Texas Intermediate (WTI) crude settled 36 cents, or 0.9%, lower at $38.79. Both contracts jumped about 4% on Wednesday.
The European Union’s executive commission lowered its economic forecast Thursday morning, adding that said the economy wouldn’t rebound to pre-virus levels until 2023.
“That’s a very negative demand indicator,” said Bob Yawger, director of Energy Futures at Mizuho.
Italy posted its highest one day of infections on Thursday, while the United States surpassed 100,000 infections in a day last week, a record.
Reference: CNBC
Thai
Eng