Oil prices drop amid rising COVID-19 diseases

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Oil prices fell on Tuesday amid concerns about lower demand due to rising coronavirus cases.

According to Ukrinform, this is evidenced by the data of exchange trading on the website Investing.com.

Futures for WTI crude oil fell 0.8% to $ 40.68 a barrel, while Brent futures fell 0.86% to $ 43.77 a barrel. During trading on Monday, August 3, WTI rose 1.8% and Brent rose 1.5%, following the beating of data on business activity in Asia, Europe and the United States.

“On the demand side, we had some pretty encouraging global production data … but there is still quite a bit of evidence that the recovery in oil demand has stalled in many markets with the return of COVID-19,” National Australia Bank said.

Read also: OPEC has increased production oil – prices went down

Fuel demand is weakening as restrictions are tightened to stem the spread of the virus in cities such as Manila and Melbourne. Also, the auction was influenced by the fact that Norway stopped the movement of cruise ships.

At the same time, the supply of oil is growing, as the OPEC + group in August increases production by 1.5 million barrels per day. American manufacturers also plan to resume suspended production.

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