Oil prices once again dived on Thursday after rising for two days. The concerns of lower demand led to the dip in rates. Also, after Hurricane Sally’s passage, the production in the southeastern United States resumed, and the supply got vast compared to the need.
Brent Crude oil futures fell to $41.86 a barrel (0.8 per cent or 36 cents) at 0355 GMT. Interestingly, it hiked 4.2 per cent on Wednesday.
West Texas Intermediate futures slipped to $39.73 per barrel, down by 1.1 per cent or 43 cents. It had jumped by 4.9 per cent on Wednesday.
The rise in distillate stockpiles also summoned the loss.