Oil is Rising Near $ 42, All Eyes on Libya and US Stocks

Oil prices decreased for the second day in a row Wednesday, September 30, continuing to incur large losses in light of the increase in Coronavirus infections before the start of the winter season in the north, which raised fears of further restrictions on activities, which may, in turn, reduce the demand for fuel.

Brent crude futures for November delivery fell 40 cents, the equivalent of 1%, by 06:35 GMT. US West Texas Intermediate crude lost 32 cents, or 0.8%, to $ 38.97.

The November contract expires today and is replaced by the December contract, which fell about 0.7% to $ 41.25.

The two benchmarks lost more than 3% yesterday, with Covid-19 infections exceeding one million people, and injuries doubled in three months.