Oil prices declined more than 2% on Thursday, amid fears that easing lockdown restriction in many countries could lead to a second wave of COVID-19 infections. On the supply side, US crude stockpiles unexpectedly rose to an all-time high of 538.1 million barrels in the week to June 5th, boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April. Adding to the negative sentiment, the Federal Reserve said that the US economy would contract 6.5% in 2020 and the unemployment rate would be at 9.3% at the end of the year. At around 03:00 AM GMT, WTI crude oil slumped 2.8% to $38.51 a barrel, while Brent crude oil plunged 2.3% to $40.76 a barrel.