Crude oil

Crude Oil Price Drops to $40.15 Per Barrel

Oil prices fell on Thursday amid fears over rising global COVID-19 infections, which could slow a recovery in fuel demand.

Reuters reported that concerns were growing in New York, where virus cases continued to climb. The pandemic so far has infected more than 7.2 million and killed more than 206 thousand in the US. Meantime, the Financial Times reported that Moderna’s coronavirus vaccines won’t be ready for widespread public distribution until spring of next year.

Market participants watched how the development regarding US new stimulus evolving after US lawmakers had decided to postpone a vote on a $2.2 trillion virus relief package in hopes of reaching a bipartisan deal.

On Wednesday, oil prices rose after industry data showed crude stocks and distillate inventories, which include diesel and jet fuel, fell more than expected in the latest week.

At around 04:00 AM GMT, WTI crude dropped 0.2% to $40.15 a barrel. Brent crude was also down 0.2% to $40.95 a barrel.

Trading Economics

About Yusuf Issa

Check Also

Crude Oil Prices Rise to UD$62.7 Per Barrel

Oil prices rose for the second session on Tuesday, with WTI trading around $62.1 a …

Leave a Reply

Your email address will not be published. Required fields are marked *