01.10.202010:34:00UTC+00Oil Prices Slide On Demand Concerns

Oil prices fell on Thursday as investors weighed a rising number of Covid-19 cases and U.S. election uncertainties against a potential U.S. stimulus package.

Benchmark Brent crude fell 34 cents, or 0.8 percent, to $41.96 a barrel, after falling 0.2 percent overnight.

U.S. West Texas Intermediate (WTI) crude futures were down 36 cents, or 0.9 percent, at $39.86 a barrel, after having risen 2.4 percent in the previous session on data showing a drop in U.S. crude inventories in the week ended September 25.

Demand worries linger as new Covid-19 cases continued to climb in New York. The outbreaks remain isolated for now, but Gov. Andrew Cuomo has not ruled out shutting down parts of the economy again if other measures don't work.

Growing supply from the Organization of the Petroleum Exporting Countries (OPEC) also weighed on the market.

According to a Reuters survey, the 13-member Organization of the Petroleum Exporting Countries pumped 24.38 million bpd on average in September, up 160,000 bpd from August's revised figure.