Oil prices sink as crippled demand outweighs stimulus hopes - Reuters

Oil prices sink as crippled demand outweighs stimulus hopes - Reuters:

Oil prices fell on Thursday after three sessions of gains as restrictions on travel worldwide crimped fuel demand, with U.S. crude futures plunging about 4% after the United States scrapped plans to buy domestic oil for its emergency reserve.

Concerns about demand also overshadowed expectations that a $2 trillion U.S. stimulus package will bolster economic activity.

West Texas Intermediate (WTI) crude CLc1 futures dropped 91 cents, or 3.7%, to $23.58 a barrel by 11:11 a.m. EDT (1511 GMT). Brent crude LCOc1 futures fell 11 cents to $27.28 a barrel. Both contracts are down about 60% this year.

U.S. futures were notably weaker than international benchmark Brent crude. The U.S. Department of Energy scrapped a plan to purchase domestic crude oil for its Strategic Petroleum Reserve (SPR) after funding was not included in the broader stimulus package.