Oil Settles at Lowest Level in a Week

Oil prices declined on Wednesday to their lowest level in a week, due to concerns about the rising number of coronavirus cases and the potential slowing of demand recovery amid a third wave of the pandemic.

Brent crude futures for June delivery declined by $1.25, or 1.9%, to close at $65.32 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery dropped by $1.32, or 2.1%, to finish at $61.35 per barrel.

This marked the lowest closing level for both the global and U.S. benchmark crude most active contracts since April 13.