Brent oil retreats on demand concerns

On Tuesday (08), Brent oil prices fell below $42 per barrel on Tuesday, the fifth consecutive drop. It's the lowest amount reached since July 1. The reduction is due to concerns that the recovery in demand could weaken as cases of Covid-19 grow around the world. In the United States, virus infections have increased in 22 of the 50 states, and cases also increase in India and the United Kingdom.

At 8:07 a.m. PDT, Brent was down $1.18, or 2.81 percent, at $40.83 per barrel. U.S. crude was down $1.96, or 4.93 percent, at $37.81 per barrel.

On Monday (07), oil had already shown a reduction after the oil company Aramco had lowered the official sales prices of October for its Arab light oil, already demonstrating that demand may be suffering.


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