Oil prices extend rapid slide on demand worries | Reuters

Oil prices extend rapid slide on demand worries | Reuters

Oil prices fell about 2% on Thursday, extending the previous session's losses of nearly 6%, as worries about fuel demand outweighed an OPEC+ decision to maintain oil output cuts, keeping supply tight.

Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures have declined about $10 a barrel in less than 10 days after edging close to $100 in late September.

The combined percentage drop over the last two days was the steepest since May for both crude benchmarks.

Brent futures settled $1.74, or 2.03%, lower at $84.07, while U.S. West Texas Intermediate crude futures were $1.91, or 2.3%, lower at $82.31.

Investors are worried that peak demand for fuel consumption is behind us, said Dennis Kissler, senior vice president of trading at BOK Financial.