Crude oil futures ended lower on Thursday, snapping a three-day winning streak, as rising coronavirus cases and the delay in outcome of the US Presidential election weighed on the commodity. With coronavirus cases continuing to see a surge and several countries across Europe imposing tougher lockdown measures, contributing to a drop in crude oil prices. The continued uncertainty about election results in the US and likely legal battles over results, could delay a stimulus plan and result in additional pressure on oil prices.
Crude oil futures for December lost $0.36 or 0.9% percent to settle at $ 38.79a barrel on the New York Mercantile Exchange. January Brent crude declined 0.40 or 0.9 percent to settle at $ 40.83 a barrel on London's Intercontinental Exchange.