Oil prices dropped Thursday, October 29, on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while global stocks mostly rose after the prior session's routs.
"Oil demand will lose ground as a result of the new lockdowns.... Prices now naturally decline on this grim prospect," he added., which saw losses of more than 3 percentage points in several major markets. The record result was driven by consumer spending supported by a massive $3 trillion in government aid, much of which has since expired.
With risks"clearly tilted to the downside," she said ECB governors will use next month's updated growth and inflation forecasts to"recalibrate our instruments" to keep credit flowing in the 19-nation currency club.