2020.10.0119:09:00UTC+00Oil Futures Settle Sharply Lower On Demand Concerns

Crude oil prices declined sharply on Thursday, weighed down by concerns about outlook for energy demand.

Worries about energy demand continue to persist as reports show new coronavirus cases continued to rise in New York. Reports also hint at possible shutting down of parts of the economy.

A report from Reuters, citing a survey, say the 13-member Organization of the Petroleum Exporting Countries pumped 24.38 million barrels per day on average in September. That was 160,000 barrels per day higher than August's revised figure.

According to reports, Libya's oil output rose to 270,000 barrels per day following the easing of a blockade by eastern forces.

West Texas Intermediate Crude oil futures for November ended lower by $1.50 or about 3.7% at $38.72 a barrel.

WTI Crude oil futures had ended up $0.93 or about 2.4% at $40.22 a barrel on Wednesday, buoyed by data showing a drop in crude inventories in the U.S.

The report from U.S. Energy Information Administration showed oil stockpiles fell by about 2 million barrels last week as against expectations for an increase of 400,000 barrels.