Oil prices decline amid coronavirus concerns
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E-mail Xinhua, November 6, 2020
NEW YORK, Nov. 5 (Xinhua) -- Oil prices moved lower on Thursday as a spike in COVID-19 cases rekindled concerns over energy demand.
The West Texas Intermediate for December delivery lost 36 cents to settle at 38.79 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 30 cents to close at 40.93 dollars a barrel on the London ICE Futures Exchange.
The downbeat market movement came as coronavirus infections continued to surge in some major economies.
U.S. COVID-19 cases have surpassed 9.5 million, with the death toll exceeding 234,300 as of Thursday afternoon, showed a tally by Johns Hopkins University.
Meanwhile, a number of European countries intensified virus-induced restrictions.
On Wednesday, both oil benchmarks soared nearly 4 percent, bolstered by a hefty drop in U.S. crude stockpiles.
"We believe that the oil market is by no means out of the woods yet, and after an initial bout of euphoria the risks are likely to return increasingly into focus on the market," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Thursday. Enditem
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