Oil Prices Drop On Concerns About Patchy Demand Recovery, Record U.S. Stocks…LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil prices fell by about 4% on Thursday on worries about slow demand growth as coronavirus cases rise, with U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve saying recovery from the pandemic could take years.

Brent crude (LCOc1) futures fell 3.4%, or $1.42, to $40.31 a barrel by 0600 GMT, erasing Wednesday’s gains. Earlier in the session, Brent was down as much as $1.53, or 3.7%.

U.S. West Texas Intermediate (WTI) crude (CLc1) dropped 4%, or $1.60, to $38 a barrel, after being down earlier as much as $1.69, or 4.3%.


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