Oil Settles Lower on Recovery Worries

Oil prices decreased on Thursday, on renewed concerns regarding economic recovery from the COVID-19 crisis, after the US Federal Reserve expected the pandemic to weigh heavily on the economy and the increase in jobless claims in the US last week.

Brent crude futures for October delivery settled lower by 47 cents, or 1%, at $44.90 per barrel.

Meanwhile, the US benchmark crude, the West Texas Intermediate (WTI), futures for September delivery finished lower by 35 cents, or 0.8%, at $42.58 per barrel.

According to the US Energy Information Administration (EIA), the US natural gas stockpiles rose during the week ended on August 14 by 43 billion cubic feet.