Oil prices fall on demand fears as US summer driving season ends

Oil prices fall on demand fears as US summer driving season ends

Oil prices fall on demand fears as US summer driving season ends

an hour ago

Picture used for illustrative purpose. File

Oil prices fell on Tuesday amid concerns over fuel demand as the peak US driving season drew to a close and the US Labor Day long weekend added to worries over rising coronavirus cases in more US states.

Coronavirus cases rose in 22 of the 50 US states, a Reuters analysis showed, on the holiday weekend traditionally filled with gatherings to mark the end of summer. At the same time cases are flaring up in India and Britain.

US West Texas Intermediate (WTI) crude futures fell $1.07, or nearly 3%, to $38.70 per barrel at 0635 GMT, playing catch-up with a drop in Brent prices overnight.

Brent crude futures eased 15 cents, or 0.4%, to