Oil falls amid European lockdowns, U.S. election uncertainty | Reuters
Oil prices fell nearly 1% 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 LCOc1 settled down 30 cents, or 0.7%, at $40.93 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 was down 36 cents, or 0.9%, at $38.79. Both contracts jumped about 4% on Wednesday.
The European Union’s executive commission lowered its economic forecast, adding that said the economy would not rebound to pre-virus levels until 2023.
“Despite some surprisingly bullish crude data this week, the oil market will still need to contend with major demand uncertainties related to COVID-19,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois, referring to a 8 million-barrel draw in U.S. crude stockpiles.
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