Oil Prices Down by More than 3%

After rising for the first session of the week, oil prices returned to losses on Tuesday.

The Brent crude futures for November delivery dropped by $1.40, or 3.3%, and closed at $41.03 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for November delivery closed lower by $1.31, or 3.2%, at $39.29 per barrel.

Oil price decline comes amid increased worries about the rising number of COVID-19 cases and a mostly negative outlook for global demand outlook.