Oil prices drop by more than 3.5%

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Oil prices drop by more than 3.5%

Reuters

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Oil prices fell, during trading today, Monday, in light of economic concerns about the decline in global demand for crude, due to the increasing cases of the new Corona virus in Europe and the United States.

By 10:20 Moscow time, US crude futures were down 4.19% to $ 34.29 a barrel.

While Brent crude futures fell 3.56% to $ 36.59 a barrel.

Investors are concerned that the widening of the anti-Corona virus closures in Europe may weaken demand for fuel, while dealers brace for unrest in conjunction with the US presidential elections this week.

Countries across Europe are re-imposing comprehensive lockdowns, in an effort to curb the rates of Covid-19 outbreaks that have accelerated in the last month.

“Many traders are looking at the United States and its escalating infection rates and wondering whether 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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