Thu, 06 Aug 2020

Oil prices sink amid demand fears

Xinhua
31 Jul 2020, 06:44 GMT+10

NEW YORK, July 30 (Xinhua) -- Oil prices dipped on Thursday as a resurgence in coronavirus infections stoked fears over weaker crude demand.

The West Texas Intermediate for September delivery fell 1.35 U.S. dollars to settle at 39.92 dollars a barrel on the New York Mercantile Exchange. That was the first settlement below 40 dollars and lowest front-month contract finish since July 9, according to Dow Jones Market Data.

Meanwhile, Brent crude for September delivery lost 81 cents to close at 42.94 dollars a barrel on the London ICE Futures Exchange.

Traders continue to fret over the outlook for energy demand amid soaring U.S. coronavirus cases, experts noted.

More than 4.47 million confirmed COVID-19 cases have been reported in the United States, with over 151,000 deaths, as of Thursday afternoon, according to a tally by Johns Hopkins University.

Moreover, market sentiment was also dented after data showed a record drop in U.S. gross domestic product (GDP).

U.S. real GDP plunged at an annual rate of 32.9 percent in the second quarter amid mounting COVID-19 fallout, the U.S. Commerce Department reported Thursday.

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