Oil Prices Drop With Concerns Over Supply

Oil prices fell on Monday in Asia ahead of the OPEC meeting on Wednesday. Brent crude prices fell 0.74% to $ 42.92 a barrel, West Texas Intermediate (WTI) fell 0.81% to $ 40.22 a barrel. Oil had risen more than 2% on Friday after the International Energy Agency (EIA) revised its 2020 oil demand forecast to 400,00 bpd.

Covid-19 new cases in the United States had risen severely because of 15,000 new cases in Florida in just 24 hours, a record high. Brazil, India and South Africa, the largest oil consumers, were also affected.

Traders are awaiting the American Petroleum Institute (API) report, amid fears of an increase in US inventories.