Oil Prices Are Falling Due to Covid-19

Oil prices retreated on Friday, as trading was cloudy over the global recovery in fuel demand and growing uncertainty, while cases of COVID 19 rise steadily in several countries with major producers prepared to ease production restrictions.

Brent crude futures fell 11 cents, or 0.3%, to $ 43.26 a barrel at 06:10 GMT, with WTI falling 4 cents, or 0.1%, to $ 40.71.

On Thursday, the United States announced at least 75,000 new cases, with a daily record of 19 (Covid 19). Spain and Australia announced the largest jump in more than two months in the number of cases as the rise in Brazil and India continued.

OPEC and its allies, called OPEC +, agreed to reduce supply cuts of 9.7M bpd. The reduction was earlier this year by 2M bpd as of August.