Brent crude futures fell US$1.36, or 1.7%, to $81.05 a barrel by 12:18 p.m. EST (1718 GMT). U.S. West Texas Intermediate (WTI) crude futures settled at $78.36, down $2.40, a 3% decline.
NEW YORK: Oil prices slumped on Wednesday, driving major benchmarks to their lowest settlement levels since early October, after OPEC and the International Energy Agency warned of impending oversupply, while rising COVID-19 cases in Europe increased downside risks to demand recovery.
Prices dropped further in thin post-close trading after Reuters reported that the United States was asking other major global oil consumers like China and Japan to consider a coordinated release of oil reserves to bring prices down.
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