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Oil Finishes at Three-Week Low

M. Ali 27 October, 2020 12:24 am Commodities, Market Update

Oil prices declined on Monday, finishing the first session of the week at its lowest level in about three weeks.

A surge in new COVID-19 cases is raising concerns about demand and economic recovery, especially in the United States and Europe.

Brent crude futures for December delivery lost $1.31, or 3.1%, and closed at $40.46 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for December delivery dropped by $1.29, or 3.2%, and settled at $38.56 per barrel.

This is the lowest closing level for the global and US benchmark crude oils since October 2.

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