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Oil prices decline amid demand worries
(MENAFN) Oil prices have seen a drop on Tuesday, August 3, as worries due to reduced demand in the middle of the increasing of coronavirus cases.
The West Texas Intermediate for September distribution lost 70 cents to hit USD70.56 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped 48 cents to reach USD72.41 a barrel on the London ICE Futures Exchange.
These moves came after a main setback on the oil market which witnessed the U.S. benchmark and Brent shed 3.6 percent and 3.3 percent, correspondingly, on Monday, August 2.
Barbara Lambrecht, energy forecaster at Commerzbank Research, revealed in a note on Tuesday, August 3, "The oil market continues to alternate between concerns about tight supply on the one hand and about looming demand outages on the other".
She also revealed that oil instability is likely to continue "The pendulum swung back to the demand concerns yesterday. This is likely to have wrong-footed some investors who had bet on rising prices, prompting them to sell".
The West Texas Intermediate for September distribution lost 70 cents to hit USD70.56 a barrel on the New York Mercantile Exchange. Brent crude for October delivery dropped 48 cents to reach USD72.41 a barrel on the London ICE Futures Exchange.
These moves came after a main setback on the oil market which witnessed the U.S. benchmark and Brent shed 3.6 percent and 3.3 percent, correspondingly, on Monday, August 2.
Barbara Lambrecht, energy forecaster at Commerzbank Research, revealed in a note on Tuesday, August 3, "The oil market continues to alternate between concerns about tight supply on the one hand and about looming demand outages on the other".
She also revealed that oil instability is likely to continue "The pendulum swung back to the demand concerns yesterday. This is likely to have wrong-footed some investors who had bet on rising prices, prompting them to sell".
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