RE:What happened to oil prices today? Oil prices sunk for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic.
Brent crude was down $4.87, or 7.2%, to trade at $63.13 per barrel. U.S. oil slid $4.87, or 7.5%, to $59.73 per barrel after shedding 0.3% in the previous session. Both contracts are down 6% over the past five days.
“Short-term developments - stuttering vaccine rollouts and the build in U.S. oil inventories - are driving sentiment, but the longer-term oil outlook is still encouraging,” said PVM Oil Associates analyst Tamas Varga.