Oil prices fall as virus reignites demand concerns

Monday, 28. September 2020 12:14

Oil prices moved lower on Monday on coronavirus concerns with deaths from the virus topping 1 million over the weekend.

In the United States, 21 states have been reporting an increasing number of COVID-19 infections as experts continued to warn of a potential second pandemic wave during the fall. Meanwhile, increased crude exports from Iran and Libya also weighed on prices despite efforts from OPEC and allied producers to bring output under control.

West Texas Intermediate for November settlements was down 0.84% to $39.90 per barrel at 5:56 am ET. A the same time, Brent for November delivery fell 0.64% to $41.65 per barrel.

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