· Oil prices slip as surge in virus cases raises concerns about demand
Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude fell 0.32% to settle at $44.20 per barrel. U.S. West Texas Intermediate crude slipped 8 cents to settle at $41.74 per barrel.
The Brent price contango, a market structure in which near-month barrels are cheaper than those in later months, implying current oversupply, was at its shallowest in more than four months. This suggests concerns about
a glut are easing.
Reference: CNBC
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