Brent futures settled US$1.25, or 2%, lower at $65.32 a barrel, while U.S. West Texas Intermediate (WTI) crude for June fell $1.32, or 2.1%, to $61.35. The new WTI June front-month was down about 1.8% from where the May contract expired on Tuesday.For both contracts, this was the lowest close since April 13. (Oil storage in Cushing, Ooklahoma.)
NEW YORK: Oil prices on Wednesday fell for a second day to their lowest in a week on a surprise build in U.S. crude inventories and concerns surging COVID-19 cases in India will drive down fuel demand in the world's third-biggest oil importer.
Brent futures settled US$1.25, or 2%, lower at $65.32 a barrel, while U.S. West Texas Intermediate (WTI) crude for June fell $1.32, or 2.1%, to $61.35. The new WTI June front-month was down about 1.8% from where the May contract expired on Tuesday.
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