Oil prices slip amid demand worries


NEW YORK, Oct. 21 (Xinhua) -- Oil prices sank on Wednesday amid concerns over weak demand in the wake of the pandemic.

The West Texas Intermediate for December delivery slipped 1.67 U.S. dollars to settle at 40.03 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 1.43 dollars to 41.73 dollars a barrel on the London ICE Futures Exchange.

The moves came as COVID-19 cases in some major economies including the United States and Europe continued to increase.

"Concerns about demand amid record-high numbers of new COVID-19 cases and the possible restrictions to mobility that these may entail are soon likely to dominate what happens on the oil market," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Wednesday.

Prices were also under pressure after data showed U.S. crude stockpiles fell less than expected last week.

U.S. crude oil inventories decreased by 1.0 million barrels during the week ending Oct. 16, the U.S. Energy Information Administration (EIA) reported on Wednesday.

Analysts polled by S&P Global Platts expected the EIA to report a drop of 1.9 million barrels in U.S. crude supplies for the week.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In World

Berlin plans six vast COVID-19 vaccination centres handling 4,000 people a day
Analysis: Libya's rival forces have stopped shooting, but they're not pulling back
French police watchdog to probe alleged beating of Black man
Turkish court sentences 2016 coup leaders to life in jail
After COVID blip, Croatia's truffle hunters back on track
Burkina Faso president Kabore secures re-election, preliminary results show
'We're ready': Schiphol airport gears up for chilled vaccine cargos
Azeri lawmakers call for France to lose Karabakh mediation role over senate resolution
Fast spreading bird flu puts EU poultry industry on edge
Austria tightens security at churches, citing Vienna attack inquiry

Stories You'll Enjoy