Oil Declines on Fears about COVID-19 and U.S. Antitrust Regulations

Oil prices declined on Tuesday, as concerns about a new wave of the coronavirus pandemic resurfaced, following a large increase in new cases.

Furthermore, the United States Congress is discussing a law that could allow suing the Organization of the Petroleum Exporting Countries (OPEC) on antitrust grounds due to their recent output cuts, which the U.S. have opposed many times seeking lower oil and fuel prices.

The West Texas Intermediate (WTI) crude futures for May delivery, expiring today, lost 94 cents, or 1.5%, to close at $62.44 per barrel.

Meanwhile, the June futures for the U.S. benchmark crude fell by 76 cents, or 1.2%, to close at $62.67 per barrel.

On the other hand, Brent crude futures for May delivery dropped by 76 cents, or 1.13%, to finish at $66.29 a barrel.

Brent futures for June delivery plunged by 48 cents, or 0.7%, to settle at $66.57 per barrel.