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Oil prices tumble 6% amid fading hopes for a smooth improvement in global demand - Business Insider

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Oil prices tumble 6% amid fading hopes for a smooth improvement in global demand

tumbled 5.4%, to $41.38, to its intraday low as of 11:05 a.m. ET. Both reached their lowest point since late June.

Economic data released Thursday morning added to the oil market's worries. US gross domestic product fell at an annualized rate of 33% in the second quarter, confirming the coronavirus drove the biggest economic slump on record. Jobless claims for the week ended Saturday increased for the second week straight. The uptick arrives after months of steady declines and suggests the US labor market may stabilize at a historically high level of unemployment until the virus threat subsides.

 

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