Oil falls as demand growth worries outweigh US stock drawdown
Oil prices dropped on Thursday, weighed down by concerns that US economic recovery is slowing as the coronavirus outbreak lingers, while a renewed wave of Covid-19 cases in Europe have led to reimposed travel restrictions in several countries.
The jitters over demand and economic outlook due to the coronavirus resurgence have prompted a rally in the dollar as investors turned to safer assets, adding pressure to oil prices. A stronger dollar makes oil, priced in US dollars, less attractive to global buyers.
US West Texas Intermediate (WTI) crude futures fell 37 cents, or 0.9%, to $39.56 a barrel at 0650 GMT, while Brent crude futures dropped 34 cents, or 0.8%, to $41.43 a barrel.
