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Oil futures fell Thursday after comments from the Federal Reserve and OPEC members rekindled fears of a long market crisis.
West Texas Intermediate crude contracts for delivery in September fell 3.3% to $41.50 a barrel. Brent crude, the foreign oil standard, fell 3% to $44.02 a barrel to intraday lows. Decline takes any of the five-month highs indicators out and helps keep the raw materials industry within a narrow range.
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The bleak sentiment has been supported by OPEC members. The coalition warned in an assembly Wednesday that the call was returning to the market more slowly than expected and that a resurgence of instances could lead to a full uptick in 2021. The organization also asked Iraq, Nigeria, Angola and Kazakhstan to intensify production cuts. overproduction in recent months.
Oil contracts remained well above $40 in line with the barrel, as investors assessed economic reopenings opposed to new hot spots. Although the point represents an improvement from the April lows, the weakening of travel activity has curbed demand for oil for the pandemic.
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WTI crude trades at $42.50 a barrel at 11 a.m. ET on Thursday. Brent crude was traded at $44.80 a barrel.
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