Oil down, while gasoline rises

Oil down, while gasoline rises

Continuing its plunging streak, oil prices once again extended its losses on Thursday. Adding injury to wounds, Energy Information Administration of the US (EIA) reported the US crude supplies drew a reversing supply. On the other side, fuel demand is continuously losing its sheen. 

 

WTI futures slumped to $39.83, a loss of 0.50 per cent. It slipped below the benchmark of $40, which is slightly worrying. Brent oil futures fell to $41.56, down by 0.41 per cent at 4:20 AM GMT. 

 

Reportedly, investors are wary about investing in oil as COVID-19 cases in Europe and the US continue to rise uninhibitedly. 

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