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.