Oil sinks more than 5% on fears over virus-hit demand

Oil prices slumped Wednesday, shedding more than five percent as traders fretted that the worsening coronavirus crisis would further slash the world’s appetite for crude.At about 1310 GMT, New York’s main contract, West Texas Intermediate crude for delivery in December, was down 5.4 percent to $37.44 per barrel. London’s Brent North Sea crude for the same month lost 4.6 percent at $39.32.”The second wave of Covid has hit and (there is) probably another one to come, with restrictions curtailing movement of people and the shutting down of businesses, impacting rapidly on demand for oil,” Alfa En…

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HEDGE accordingly