USA: Oil extends losses with 4% slump on renewed lockdowns
NEW YORK (Reuters) - Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.
December Brent crude futures were down $1.66, or 4.2%, at $37.45 by 12:34 EST (1634 GMT), after earlier dropping as far as $36.64, the lowest in five months. The more active January contract lost 4% to $38.02 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were $1.50, or 4%, lower at $35.89, having touched their lowest since mid-June at $34.92.