Taking another blow, oil prices slumped further on Thursday in the Asian market following the European Union’s data, lesser demand by the US and reemergence of coronavirus pandemic in Europe. The factors are denting the fervour and passion of investors in the commodity.
In the early session (4:50 AM GMT), Brent oil futures slipped to $41.28, which is a loss of 1.17 per cent. Likewise, WTI futures declined to $39.34, that is 1.48 per cent loss.
The US EIA (Energy Information Administration) exhibited data the previous day, which mentioned a lower than anticipated demand of oil (1.639 million a barrel compared to 2.325 million-barrel draw).
Also, the fear of the second wave in Europe has sent chills in investors, and they are considering not to trade.