Crude Oil falls 4% as virus cases mount
Oil prices fell over 4% to their lowest in two weeks on Tuesday on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Investors in commodities and stocks also remained cautious ahead of the first US presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. On its second last day as the front month, Brent futures for November delivery fell $1.81, or 4.3%, to $40.62 a barrel, while the more active Brent contract for December fell 4.4% to $40.92. US West Texas Intermediate (WTI) crude fell $1.99, or 4.9%, to $38.61 per barrel. More than a million people worldwide have died from Covid-19, according to a Reuters’ tally.
Published in The Express Tribune, September 30th, 2020.
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