SA: US crude plunges 5% with demand worries growing alongside Covid cases

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SEEKING ALPHA reports:

The energy sector (XLE -3.4%) returns to the bottom of the S&P sector standings as crude oil prices come under pressure, with November WTI (CL1:COM) -5.1% to $38.53/bbl and plunging below its 200-day moving average $39.62/bbl.

There’s no obvious catalyst behind today’s sharp move, but persistent demand concerns stemming from the pandemic are outweighing hopes for a new U.S. stimulus package.

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