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Crude Oil Price Dips to $36.37/barrel

Oil prices were noticeably lower on Wednesday after a sharp drop in the prior session, amid fears that rising COVID-19 cases in some countries, including India, Britain, and Spain would slow a recovery in fuel demand.

Sentiment was also dampened by reports that AstraZeneca had paused a late-stage trial of one of its virus vaccine candidates following an unexplained illness in a study participant in the UK.

Meantime, Saudi Arabia earlier this week cut the October official selling price for Arab Light crude it sells to Asia by the biggest margin since May.

At around 06:30 AM GMT, WTI crude tumbled 1.1% to $36.37 a barrel, levels not seen since early-June; while Brent crude fell nearly 1% to $39.40 a barrel.

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About Babajide Iletogun

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