Home / Market Update / Commodities / Oil Resumes Losses amid Demand Outlook Worries

Oil Resumes Losses amid Demand Outlook Worries

Oil prices declined on Thursday, amid renewed concerns about demand recovery amid a resurgence of the Coronavirus pandemic with a third wave and lockdown measures in Europe.

Losses come one day following the rise of oil futures due to supply disruption caused by an incident that affected flows through the Suez Canal.

Brent crude futures for May delivery closed lower by $2.69, or 4.18%, at $61.72 a barrel.

The U.S. West Texas Intermediate (WTI) crude futures for May delivery dropped by $2.62, or 4.3%, to finish at $58.56 per barrel.

Check Also

Gold Prices Fall as Risk Appetite Grows Ahead of U.S.-China Trade Talks and Inflation Data

Gold prices saw a decline on Tuesday in Asian trade, pressured by improving risk appetite …