Oil Hits 5-Month Lows As COVID Cases Surge

Crude oil collapsed earlier this week after France and Germany announced new lockdowns in response to surging Covid-19 cases, and now it is set for its worst month since late spring. Cases are also on a fast rise in the United States as well, threatening to overwhelm some states’ healthcare systems. This, combined with the fact that a new stimulus bill is highly unlikely to be agreed before next week’s election, pressured West Texas Intermediate to some $35 a barrel, the lowest since April when prices took a nosedive on the first round…