Crude oil

Oil Prices Fall Amidst COVID-19 Concern

Oil prices dropped on Monday, amid concerns that a record rise in COVID-19 infections could stall global recovery in fuel demand.

The WHO Sunday reported a record daily rise in virus cases worldwide. In the US, Florida reported over 15 thousand new virus infections Sunday, the highest single-day total to date for any US state since the health crisis began in the country.

At the same time, investors are looking at an OPEC technical meeting this week, which is expected to recommend an easing in supply cuts. At around 06:00 AM GMT, WTI crude fell 0.8% to $40.23 a barrel, while Brent crude was down 0.7% to $42.94 a barrel.

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