Oil slips as rising COVID-19 cases spark demand concerns

28/09/2020 Argaam

Oil prices edged lower on Monday as a rise in coronavirus cases across the world dampened hopes of increase in global crude demand, with travel restrictions returning in certain countries.

 

Brent crude was trading down 0.7% at $41.61 a barrel, at 8.55 am Makkah time.

 

Meanwhile, US West Texas Intermediate (WTI) crude futures fell 0.8% to $39.93 a barrel.

 

As the month draws to an end, Brent appears set to fall for the first time in six months while WTI is headed for its first monthly loss since April.

 

New COVID-19 case numbers are growing in major US states, renewing fears of mobility restrictions and challenging the ongoing oil demand recovery in the last quarter, Reuters reported ANZ analysts as saying.

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