Oil Settles Lower by 2%

Oil prices declined on Thursday after recent data showed a surprise buildup in the US crude oil inventories, as well as natural gas supplies, prompting worries about the demand recovery as the number of COVID-19 cases increase.

The US benchmark, West Texas Intermediate (WTI), crude futures for September delivery declined by 83 cents or 2% and closed at $41.07 per barrel.

Meanwhile, the Brent crude futures for September delivery decreased by 98 cents or 2.2% at $43.31 per barrel.