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Reuters
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Oil prices fell, being negotiated today, Monday, in light of economic concerns over declining global demand for crude, due to increasing cases of the novel Corona virus in Europe and states -United.
As of 10:20 a.m. Moscow time, U.S. crude futures were down 4.19% to $ 34.29 a barrel.
While Brent futures fell 3.56% to $ 36.59 a barrel.
Investors fear that widening anti-Corona virus closures in Europe could weaken demand for fuel, as dealers prepare for unrest in conjunction with this week’s US presidential elections.
Countries across Europe are reimposing comprehensive lockdowns, in a bid to reduce rates of Covid-19 outbreaks that have accelerated over the past month.
“A lot of dealers are looking at the United States and their rising infection rate and wondering if Europe will provide a model for what will happen in the United States in the coming weeks?” Said Michael McCarthy, Chief Market Strategist at CMC Markets in Sydney.
Source: “Reuters” + “Bloomberg”
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