Oil futures ended lower on Wednesday, with U.S. prices losing nearly 6% as concerns over the possibility of new lockdowns on the heels of significant gains in COVID-19 cases in some parts of the U.S. dulled the outlook for energy demand.
The recent decline in oil prices "remains heavily influenced by demand-side dynamics" despite efforts by the Organization of the Petroleum Exporting Countries and their allies to rebalance markets, he said.
August West Texas Intermediate oil fell $2.36, or nearly 5.9%, to settle at $38.01 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish in a week, according to FactSet data.
Source : Market Watch