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Oil prices slipped on Thursday, extending losses of more than 5% in the previous session, weighed down by record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell 57 cents, or 1.5%, to $37.43 per barrel on Thursday, after dropping $2.36 on Wednesday.
Brent crude futures fell 43 cents, or 1.07%, to $39.88 per barrel after falling $2.32 on Wednesday. A day earlier, the benchmark contract hit its highest price since early March, just before pandemic lockdowns and a Saudi-Russian price war slammed markets.
Source : Reuters