⁍ Brent crude LCOc1 futures fell $2.22, or 5.3%, to $40.08 a barrel by 11:10 a.m. ET (1510 GMT)
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down $2.44, or 6.1%, at $37.78.

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⁍ In the United States alone the pandemic has infected more than 7.2 million and killed more than 206,000.

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– Oil prices fell more than 5% on Thursday as rising coronavirus cases around the world dampened the demand outlook, and a rise in OPEC output last month also pressured prices, Reuters reports. “It has become evident that the virus has not been contained,” says PVM Oil analyst Tamas Varga. “The world is becoming a gloomy place once again.” In the US alone, the pandemic has infected more than 7.2 million and killed more than 206,000. Europe’s worst COVID-19 hotspot Madrid will go into lockdown in coming days and Moscow’s mayor ordered employers to send at least 30% of their staff home, as several European countries reported records in new infections. “Today’s trade is sending off some strong bearish vibes given the selloff across the energy complex that is developing despite a significant lift in risk appetite and weakening US dollar,” says Jim Ritterbusch, president of Ritterbusch and Associates.