Oil futures took a nose dive in Thursday’s trading, reaching their lowest level since June. Analysts blamed rising COVID-19 cases that resulted in tighter restrictions on Europe and also highlighted the worries about the outlook in the U.S. and the rest of the world.
West Texas Intermediate crude for December delivery fell $1.22, or 3.3%, to settle at $36.17 a barrel on the New York Mercantile Exchange. MarketWatch reported that was the lowest settlement for a front-month contract since June 1, according to Dow Jones Market Data. Month to date, prices were lower by roughly 10%.
December Brent crude, the global benchmark, lost $1.47, or 3.8%, at $37.65 a barrel on ICE Futures Europe, with prices for the front-month contract finishing at their lowest since May 29.