Rising infection, stricter lockdowns lower crude prices

Tightened or extended lockdowns send prices falling, with a drop in US stockpiles pulling upward.

Photo: Jacob Ehrbahn

Oil prices drop Thursday morning CET on concerns about rising Covid-19 infection rates. However, prices are kept afloat by US inventories seeing their fifth consecutive week of decline as well as strong key figures from China.

A barrel of European benchmark oil Brent Thursday morning costs USD 55.89 against USD 56.50 Wednesday afternoon. US counterpart West Texas Intermediate concurrently trades at USD 52.82 against USD 53.31.

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