Oil losses deepen as anxiety builds over lockdowns, U.S. elections | Reuters
Global oil prices fell more than 1% on Friday, extending losses and on track for a second monthly fall, on growing concerns that the rise in COVID-19 cases in Europe and the United States could hurt fuel consumption.
Brent crude slipped for a third day and was down 60 cents, 1.6%, at $37.05 a barrel by 0720 GMT after touching a five-month low in the previous session. December Brent contract expires on Friday.
U.S. West Texas Intermediate (WTI) crude declined 53 cents, or 1.5%, to $35.64 a barrel after dipping to its lowest since June on Thursday.
Prices had swung between parity and a more than 2% decline during Friday’s session as the “market is anxious” over renewed lockdowns in Europe and U.S. elections next week, a Singapore-based oil trader said.
OCBC’s economist Howie Lee said: “Selling pressure is piling up again.”
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