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.