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Oil prices slump to lowest levels in two weeks
Brent crude prices slumped to their lowest levels in two weeks this week, falling to $82.32 a barrel on Wednesday before stabilising above $83 on Thursday.
In the US, WTI Crude prices fell 2.4 per cent to $80.83 on Wednesday, before recovering and dropping again by 1.1 per cent to $81.77 a barrel.
Outbreaks of coronavirus infections in China and the threat of lockdowns in Russia, alongside rising cases in western Europe, are putting the brakes on a multi-week rally in oil prices.
It also follows an increase in supplies, as crude stocks rose by 4.3 million barrels last week- more than double the 1.9 million-barrel gain forecast by analysts.
More to follow…