7/30, 9:31 AM (Source: TeleTrader)
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Oil trades lower amid COVID-19 worries

Oil prices traded lower on Thursday as fears of a second COVID-19 pandemic wave caused concerns oil demand might drop once again if lockdowns are reintroduced.

Earlier in the day, Total reported a net loss in the second quarter of 2020 of €8.4 billion and put it down to low oil prices caused by the pandemic-induced economic crisis.

West Texas Intermediate (WTI) for September delivery declined 0.9% to $40.90 per barrel at 3:17 am ET. September futures of international benchmark Brent lost 0.75% at 3:16 am ET, to go for $43.42 per barrel.

Breaking the News / VP