Oil Prices See Further Downside Amid Concerns About Demand
Oil prices moved to the downside during trading on Friday, extending the steep drop seen over the two previous sessions.
After plunging by $2.18 on Wednesday and slumping by $1.22 on Thursday, crude for December delivery fell $0.38 to a five-month low of $35.79 a barrel.
Concerns about the outlook for energy demand continued to weigh on oil prices amid a continued spike in coronavirus cases.
The number of new COVID-19 cases in the United States reached a new record high on Thursday, with health experts expecting cases to soar going forward and death rates to triple by mid-January.
88,521 new coronavirus cases were reported in the U.S. on Thursday, according to data from Johns Hopkins University, an increase of 9,540 cases compared to Wednesday.
Uncertainty about the outcome of next week’s presidential elections also generated selling pressure as recent polls show Democratic nominee Joe Biden leading President Donald Trump.
Biden has signaled he plans to shift the country away from fossil fuels toward renewal energy if he emerges victories.
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