Crude trades lower on virus uncertainty

Tuesday, 29. September 2020 09:38

Fears of a slow recovery in crude demand prompted by rising coronavirus cases worldwide pushed oil prices lower on Tuesday. Over the weekend, Russian Energy Minister Alexander Novak said that demand could drop by 10% this year despite signs of stabilization in the oil market.

Investors also awaited fresh data this week on crude inventories in the United States, both from private sources and the official government report.

Brent for November settlements dipped 0.75% to $42.12 per barrel at 3:20 am ET. Meanwhile, West Texas Intermediate crude for November delivery lost 0.94% to $40.22 a barrel.

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