Oil prices are falling by 4%, hitting the lowest level in months

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Today, Thursday, oil prices fell by about 4%, amid economic concerns about the decline in global demand for oil in light of the increasing number of new infections with the Corona virus emerging in the world.

According to Bloomberg data, US crude futures, West Texas Intermediate, fell 4.23% to $ 35.81 a barrel, registering the lowest level since mid-June.

Brent crude futures declined by 3.89% to $ 37.60 a barrel.

The decline comes amid increasing Covid-19 cases in the United States and Europe, as France imposed the necessity of homes from tomorrow, Friday, except for necessary activities, while Germany will close bars, restaurants and theaters from the second of November to the end of the month.

Market expert Margaret Yang said: “The demand outlook is deteriorating as a second viral wave sweeps the United States and most of Europe. Tightening social distancing measures and increasing closures may have a greater than expected impact on energy demand.”

Source: “Bloomberg” + “Reuters”



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