Oil falls below $42 to lowest since July on demand fears

SourceZawya
SectorEconomy
CountrySaudi Arabia

LONDON- Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world.Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed on the Labor Day holiday weekend. New infections are also increasing in India and Britain.Brent crude fell 61 cents, or 1.5%, to $41.40 a barrel at 0918 GMT, and earlier slipped to $41.21, the lowest since July 1. U.S. West Texas Intermediate (WTI) crude dropped $1.36, or over 3%, to $38.41.On Monday, crude fell after Saudi Arabia's state oil company Aramco cut the October official selling prices for its Arab light oil, a sign demand may be stuttering."The price weakness is continuing today," said Eugen ...read more...