Energy

Oil drops more than 8% as fears over second wave of coronavirus cases hit the market

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A derrick man secures a length of drill pipe during drilling on a natural gas drill rig near Montrose, Pennsylvania, U.S., on Monday, April 5, 2010.

Daniel Acker | Bloomberg | Getty Images

Oil prices dropped more than 8% on Thursday amid a broader market sell-off as fears over a second wave of coronavirus cases led to investors shedding assets.

West Texas Intermediate crude futures, the U.S. oil benchmark, fell 8.2%, or $3.26, to settle at $36.34 per barrel. Earlier in the session WTI traded as low as $35.41. International benchmark Brent crude slid 7.7%, or $3.22, to trade at $38.51 per barrel.

Oil has been rallying on the back of an uptick in demand paired with record supply cuts, but data…



Source cnbc.com

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