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Oil prices drop as second wave of infections hits

Several countries are currently reimposing partial shutdowns of society due to an increase in confirmed cases of coronavirus. This could lower oil demand as the shutdowns are expected to affect economic acitivity.

Photo: SERGIO FLORES/REUTERS / X06564

Oil prices drop Monday morning as the number of confirmed cases of coronavirus disease increase in the US and other countries. The growing numbers have caused several countries to reintroduce partial shutdowns, which may lower oil demand as they are expected to affect economic activity.

A barrel of the European reference oil, Brent, trades for USD 40.27 Monday morning against USD 40.60 Friday afternoon. Meanwhile, the US WTI oil is traded for USD 37.73 Monday against USD 38.15 Friday afternoon.

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