Oil extends losses with 4% slump on renewed Covid-19 lockdowns

Oil prices tumbled on Thursday, touching a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.

December Brent crude futures settled lower at $37.65 a barrel, down $1.47, or 3.76%. During the session, the contract traded as low as $36.64, the lowest in five months. The more active January contract lost 4% to $38.11 a barrel.

US West Texas Intermediate (WTI) crude futures settled at $36.17 a barrel, down $1.22, or 3.26%. The contract touched its lowest since mid-June at $34.92.