- WTI is down 69c to $39.53/Bbl, and Brent is down 68c to $41.62/Bbl
- WTI retreated below $40 as demand remains challenged
- A seven-day moving average of worldwide commercial flights declined to the lowest since mid-August, according to Flightradar24
- Europe's oil refineries are having difficulty coping with a diesel glut, limiting their prospects for extra crude buying
- Some European governments are reimposing lockdown measures to rein in a resurgent coronavirus
- Global oil supplies are increasing, which is also weighing on price
- Libyan output is being restored and Russian exports are expected to increase
- OPEC member Libya is now pumping 300 MBbl/d, up from 80 MBbl/d at the start of September
- A possible supply offset comes as some workers at Norway's biggest oil field will go on strike, putting at risk about 470 MBbl/d
- A decline in U.S. crude oil inventories was a positive data point for the market on Wednesday
- U.S. oil stocks fell 1.9 MMBbl for the week ended September 25. The drop was a steeper decline than analysts were forecasting
- Commercial crude stocks are still at all-time highs at 492.4 MMBbl, up from 419.5 MMBbl this time last year