BUSINESS Oil prices slide amid demand worries


Oil prices slide amid demand worries


23:56, October 02, 2020


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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