Oil futures stabilized a bit lower on Thursday, as rising COVID-19 cases triggered further lockdowns in Europe, raising concerns of further slowdowns in energy demand. However, prices nearly wiped out the day’s losses, supported by US government data showing a larger than expected weekly drop of 3.8 million barrels in national crude stocks. “COVID-19 reports will continue to govern daily volatility,” said James Williams, energy economist at WTRG Economics. “In the longer term, there is a lot of upward pressure,” as prices are not high enough to “encourage enough drilling to offset the decline in US production,” he said, adding that demand will likely recover more quickly than US production. November West Texas Intermediate crude CLX20,
fell 8 cents, or 0.2%, to $ 40.96 a barrel on the New York Mercantile Exchange.
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