BUSINESS Oil prices slide amid demand worries

BUSINESS

Oil prices slide amid demand worries

Xinhua

23:56, October 02, 2020

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This file photo from Oct. 3, 2019 shows cranes as they work on construction of the Shell Pennsylvania Petrochemicals Complex and ethylene cracker plant located in Potter Township, Pa. (Photo: AP)

NEW YORK, Oct. 1 (Xinhua) -- Oil prices sank on Thursday as traders continued to worry about weak crude demand amid the COVID-19 crisis.

The West Texas Intermediate for November delivery lost 1.5 U.S. dollars to settle at 38.72 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery fell 1.37 dollars to 40.93 dollars a barrel on the London ICE Futures Exchange.

The moves came as global COVID-19 cases surpassed 34 million.

More than 34.1 million confirmed cases have been reported globally with deaths exceeding 1.016 million as of Thursday afternoon, showed a tally by Johns Hopkins University. The United States reported the most cases and deaths, which topped 7.25 million and 207,000, respectively.

"Many risks to a sustained recovery of oil prices remain, especially on the demand side," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note, adding "trouble is also brewing on the supply side."

According to a Reuters survey, overall OPEC production increased in September by 160,000 barrels per day as compared with August.

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