Oil prices decline amid concerns of rising COVID-19 cases

20/10/2020 Argaam

Oil prices declined on Monday as rising coronavirus cases across the world continue to keep mobility under restraint, in turn limiting fuel demand growth.

 

COVID-19 cases rose above 40 million on Monday, Oct. 19, with a growing second wave in Europe and North America leading to new clampdowns, Reuters reported.

 

Meanwhile, a meeting of a ministerial panel of OPEC+ agreed to support the oil market amid concerns of rising coronavirus cases.

 

Additionally, the planned output increase from January could be reversed if necessary, Reuters reported, citing three sources from producing countries.

 

In terms of trading, Brent crude was trading down 0.3% at $42.48 a barrel, at 8.50 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures fell 0.6% to $40.57 a barrel.

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