Oil falls to its lowest level since June – the world economy – today

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Oil futures closed sharply lower on Tuesday, and Brent crude fell below $ 40 a barrel for the first time since June, while US crude fell about eight percent after Saudi Arabia lowered sales prices for October shipments and with increases in COVID-19 cases in a few countries. .

Coronavirus infections are high in India, Britain, Spain and a few US states, where the infection rate has been out of control for months.

And the increase in coronavirus cases could weaken the global economic recovery and undermine demand for fuel.

The US benchmark West Texas Intermediate crude futures ended the trading session down $ 3.01, or 7.6 percent, to settle at $ 36.76 a barrel after plunging earlier in the session to levels not seen since June 15.

Brent contracts fell $ 2.23, or 5.3 percent, to settle at $ 39.78 a barrel.

The two benchmarks are both below the trading ranges that have continued since August.

Brent fell for the fifth straight session, losing more than 10 percent since the end of August.

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