Oil prices slumped to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery.
Brent crude dropped 94 cents, or 1.1%, to $83.64 a barrel by 0655 GMT, having hit a two-week low of $82.32 earlier and fallen by 2.1% in the previous session.
Outbreaks of coronavirus infections in China and record deaths and the threat of lockdowns in Russia, along with rising cases in western Europe were putting the brakes on a multi-week rally in oil prices."A surge in new cases of COVID-19 threatens to disrupt the recovery in oil demand," ANZ Research commodities strategists Daniel Hynes and Soni Kumari said in a new report on Thursday.
The "hefty" stock build came "on the back of a large jump in net imports of crude oil and still sluggish refinery processing," Citi Research commodities analysts said in a note.
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