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Oil Prices Settle Lower on COVID-19 Concerns

M. Ali 20 October, 2020 1:15 am Commodities, Market Update

Oil prices declined on Monday, despite the OPEC+ reiterating commitment for output cuts, amid concerns about the impact of the second wave of the Coronavirus pandemic on the global demand.

Brent crude futures for December delivery closed lower by 31 cents, or 0.7%, at $42.62 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for November delivery closed down by 5 cents, or 0.1%, at $40.83 per barrel, while the WTI December futures finished lower by 6 cents, or 0.2%, at $41.06 per barrel.

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