Oil slides from five-month high on cloudy demand outlook

Oil declined from a five-month high in New York with the US Federal Reserve and OPEC+ sounding caution on the demand recovery as many countries struggle to contain the coronavirus.

Photo: Nick Oxford/Reuters/Ritzau Scanpix

By Sharon Cho and James Thornhill, Bloomberg News

Oil futures fell 1 percent toward USD 42 a barrel amid a broader rout in equities after minutes from the US Federal Reserve said the pandemic would weigh heavily on economic activity, repeating its view that the recovery would depend on containment of the virus. OPEC+ also warned at a meeting Wednesday that the pace of the demand rebound was slower than expected and at risk from a prolonged second wave of the outbreak, while urging laggards to adhere to output pledges.

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