Oil is falling below $ 40 for the first time since June


Oil futures closed sharply lower today, Tuesday, and Brent crude fell below $ 40 a barrel for the first time since June, while US crude fell nearly eight percent after increases in COVID-19 cases in several countries, according to Reuters.
Coronavirus infections are high in India, Britain, Spain and a few American 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.
US West Texas Intermediate crude futures ended the trading session down $ 3.01, or 7.6 percent, to settle at $ 36.76 a barrel, after falling 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.
Both benchmarks are below the trading ranges that have continued since August.
Brent fell for a fifth straight session, losing more than 10 percent since the end of August.


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