US crude deepens losses, dives below $40

Oil prices fell on Thursday, amid growing concerns in global markets about reimposing public quarantines and lockdowns due to the spike of coronavirus infections.

The World Health Organization reported that coronavirus infections have surpassed the 12 million cases barrier, with a death toll of 550,000 victims worldwide.

The World Health Organization also warned that the virus has not reached it peak yet and it's still spreading at a high rate.

The US Energy Information Administration (EIA) showed yesterday that the US crude inventories rose 5.7 million barrels during the past week, beating forecasts of a drop by 3.7 million barrels.

As of 17:04 GMT, West Texas Intermediate crude fell 2.5% to $39.8 a barrel, after it hit an intraday high of $40.9 and a low of $39.2.

Brent fell 1.8% to $42.5 a barrel, with a high of $43.5 and a low of $41.9.