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Oil prices drop as COVID-19 second wave worries intensify

Category: Economy

Date: 2020-10-20T06:20:07+0000
Oil prices drop as COVID-19 second wave worries intensify

Shafaq News/ Oil prices slipped for a fourth straight day on Tuesday on worries a resurgence of coronavirus cases globally is stifling a promising recovery in fuel demand, while growing output from Libya adds to plentiful supply, Reuters reported.

Brent crude LCOc1 futures fell 32 cents, or 0.8%, to $42.30 a barrel by 0418 GMT, after falling 31 cents on Monday.

U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 26 cents, or 0.6%, to $40.57 a barrel, after losing 5 cents on Monday.

COVID-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking new clampdowns.

A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together called OPEC+, pledged to support the oil market as concerns grow over soaring infections.

For now OPEC+ is sticking with a deal to curb output by 7.7 million barrels per day (bpd) through December, and then shaving the cuts back to 5.8 million bpd in January.

Meanwhile traders will be watching for crude and product inventory data from the American Petroleum Institute on Tuesday. Analysts expect U.S. crude oil and distillate stockpiles likely fell in the latest week, according to a Reuters poll.


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