NEW YORK: Oil prices tumbled by more than four per cent on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.

December Brent crude futures were down $1.66, or 4.2pc, at $37.45 by 1634 GMT, after earlier dropping as far as $36.64, the lowest in five months. The more active January contract lost 4pc to $38.02 a barrel.

US West Texas Inter­mediate (WTI) crude futures were $1.50, or 4pc, lower at $35.89, having touched their lowest since mid-June at $34.92. Both contracts plung­­ed over 5pc on Wednesday.

Published in Dawn, October 30th, 2020