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Crude Oil Prices Nearly Flat

Oil prices were almost flat on Monday, as investors watched the latest development regarding the COVID-19.

In the US, virus infections showed signs of stabilization, with the Food and Drug Administration authorizing the use of blood plasma from recovered patients as treatment options.

Meanwhile, fears over a fresh wave of virus cases lingered, particularly in Asia and Europe. The number of virus cases in Germany today rose by 711 to 233,575, according to the Roberts Koch Institute’s tally, which quoted by Reuters.

At the same time, investors anticipated Hurricane Marco and Tropical Storm Laura that could interrupt most US offshore oil production in the Gulf of Mexico.

Traders also await a policy speech by Federal Reserve Chair Jerome Powell later in the week in Jackson Hole, Wyoming. At around 04:00 AM GMT, WTI crude stood at $42.32 a barrel, while Brent crude was at $44.34 a barrel.

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About Babajide Iletogun

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