Oil prices drop as COVID-19 cases surge worldwide
COVID-19 pandemic is affecting oil prices again. Oil traders say that the threat of the second wave of the raging coronavirus is putting pressure on the global economy, including oil demand. In other words, the spike in coronavirus infections led to falling of global oil prices one more time, the Reuters news agency reported.
Thus, Brent crude futures for November delivery fell 4.06 percent to US$41.4 per barrel, while U.S. West Texas Intermediate (WTI) oil futures dropped to US$39.78 per barrel.
WTI crude futures for October delivery slid 4.14 percent to US$39.41 per barrel.
Experts attribute the sharp decrease in oil prices to rising coronavirus cases worldwide. Quarantine measures were tightened in many countries again. In addition, news about the resumption of oil production in Libya also affected oil prices.