Oil prices decline amid demand concerns

0 Comment(s)Print E-mail Xinhua, November 20, 2020
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NEW YORK, Nov. 19 (Xinhua) -- Oil prices slipped on Thursday as investors worried surging COVID-19 infections could cloud the outlook for crude demand.

The West Texas Intermediate (WTI) for December delivery lost 8 cents to settle at 41.78 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 14 cents to close at 44.20 dollars a barrel on the London ICE Futures Exchange.

A surge in new coronavirus cases in some major economies sparked fears about weaker demand.

More than 56.6 million COVID-19 cases have been reported globally with the death toll exceeding 1.35 million as of Thursday afternoon, according to data from Johns Hopkins University.

The United States has suffered the most from the pandemic, with over 11.6 million cases and more than 251,700 fatalities, the tally showed.

In their respective reports released earlier this month, both the International Energy Agency and the Organization of the Petroleum Exporting Countries have revised down estimates of global oil demand for this year. Enditem

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