Oil prices fell for a second day on Wednesday, extending large losses from the previous as rising coronavirus cases heading into the northern winter prompted concerns about further restrictions on activity that could curb fuel demand.
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Oil prices dropped on Tuesday, paring gains from the previous session, as persistent demand concerns due to the coronavirus pandemic outweighed hopes generated by a new U.S. stimulus package that lawmakers are struggling to agree.
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Oil prices fell on Monday as rising coronavirus cases spur concern about demand, with the main crude benchmarks on track for their first monthly falls since April. ›
Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.
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Oil prices dropped on Thursday, weighed down by concerns that U.S. economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of COVID-19 cases in Europe have led to reimposed travel restrictions in several countries.
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Oil prices fell more than 1% on Wednesday after an industry group reported an unexpected rise in U.S. crude inventories, renewing concerns about fuel demand that caused a steep selloff earlier in the week.
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Oil futures were little changed on Tuesday after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases.
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Oil prices fell on Monday on the potential return of output from Libya as rising coronavirus cases also added to worries about global demand, although a tropical storm heading for the U.S. Gulf of Mexico limited losses.
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Oil prices rose for a fourth straight day on Friday as Goldman Sachs estimated the market is in deficit and a new storm started building in the Gulf of Mexico, putting crude on track for a weekly gain of about 10%.
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Oil prices fell on Thursday, after rising steeply in the two previous sessions, as concerns about weak fuel demand re-emerged and producers in the Gulf of Mexico prepared to resume output following Hurricane Sally.
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