Oil slides as Opec mulls supply cuts
Brent crude futures drop as spike in Covid-19 cases in Europe and the US slows demand
16 October 2020 - 07:41
Tokyo — Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in Covid-19 cases in Europe and the US is curtailing demand in two of the world’s biggest fuel consuming regions.
Brent crude futures for December dropped 22c, or 0.5%, to $42.94 a barrel by 1.54am GMT, while US West Texas Intermediate (WTI) crude futures for November delivery slid 16c, or 0.4%, to $40.8 a barrel...
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