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Oil Prices Fall on Global Demand Concern

Oil prices dropped on Tuesday, amid persistent concerns over weakening global demand following a resurgent of COVID-19 cases in some countries that triggered new restrictions.

In the US, total new cases have passed 10 million, according to data from Johns Hopkins University; while in Europe, France, the United Kingdom, Spain and Poland were under the strictest lockdowns.

Sentiment was also dragged down by reports that Brazil had suspended clinical trials for China’s Sinovac virus vaccine after adverse effects had emerged.

Traders now await crude oil supply data from API later in the day. At around 06:15 AM GMT, WTI crude fell 1.3% to $39.77 a barrel, while Brent crude declined nearly 1% to $41.99 a barrel.

On Monday, oil prices surged after news that Pfizer’s COVID-19 prevented over 90% of infections in a large-scale study and that the OPEC+ might further regulate their output if required. The cartel will next meet on November, 30th and December, 1st.

About Babajide Iletogun

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