Oil's losing streak hits six days, benchmarks touch May lows | Reuters

Oil's losing streak hits six days, benchmarks touch May lows | Reuters

Oil prices skidded on Thursday for a sixth session, hitting lows not seen since May, as investors pulled back over concerns about weakened global demand as COVID-19 cases climband on the back of a rise in the U.S. dollar.

The oil market rallied throughout the first half of 2021, but has lost about 15% since early July. The recent wave of coronavirus infections worldwide has sapped global travel and threatens economic activity, just as major oil producers are getting ready to increase supply.

"There seems to be a lot of people getting squeezed out of long positions," said Phil Flynn, analyst at Price Futures Group.

Brent crude lost $1.78, or 2.6%, to settle at $66.45 a barrel, after touching $65.57, the lowest level since May 21. The most-active contract for U.S. West Intermediate (WTI) fell $1.71, or 2.6%, to $63.50 a barrel. It fell earlier to $62.41 a barrel, the lowest level since May 21.

Both benchmarks have declined for six days in a row, their longest losing streak since February 2020.