Weekly Energy Recap: Oil slides

Weekly Energy Recap: Oil slides

Crude oil prices slid for a second consecutive week amid fears of a severe second wave of COVID-19 that clouded the short-term demand outlook.The end of the US summer high driving season, lower refining margins, lower Chinese crude oil imports and a stronger dollar have added to the down price momentum.Brent crude retreated to $39.83 per barrel and dipped below the $40 barrier for the first time since June. WTI crude fell to $37.33 per barrel.The spread between the two measures narrowed to $2.50 per barrel.Brent has traded in a narrow band of $4 per barrel for three months, dropping more than $6 per barrel in only two weeks. Despite remaining within this tight range, unprecedented global demand destruction continues to weigh on market fundamentals.Such bearish sentiment has cemented the