Oil prices fell on Thursday, extending losses of over 5% in the previous session, weighed down by record-high US crude inventories and fears over a recovery in fuel demand after the IMF said the global recession will be much worse than anticipated amid mounting COVID-19 fallout, with GDP shrinking 4.9% this year. Meantime, Australia’s flag carrier, Qantas Airways, said today it expected little recovery in international travel until at least July 2021, as it cut 6,000 jobs, a fifth of its workforce, and grounded 100 planes. Wednesday’s selloff in the global oil market came after official data showed crude stockpiles in the US rose by 1.4 million barrels last week, a record high for a third straight week. At around 03:15 AM GMT, WTI crude dropped 0.3% to $37.89 a barrel while Brent crude was down 0.5% to 40.12 a barrel.