Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an ...
Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve projecting recovery from the pandemic would take years.
U.S. West Texas Intermediate crude futures erased gains from Wednesday, falling as low as US$38.42 a barrel. The benchmark contract was down 2.2per cent, or 86 cents, at US$38.74 at 0031 GMT.Brent crude futures fell 2.0per cent, or 85 cents, to US$40.88 a barrel, also giving up gains from Wednesday.
"The recent rally in crude oil prices stalled as rising inventories showed the path to a recovery will be a rocky one," ANZ analysts said in a note. Adding to the negative sentiment, the U.S. Federal Reserve said the world's largest economy would shrink 6.5per cent this year and the unemployment rate would be at 9.3per cent at the end of 2020 in its first projections of the pandemic era.
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