(MENAFN) Oil values decreased because of worries over fewer requests within a rise of coronavirus infection cases maintaining to balance on the market.
September delivery of The West Texas Intermediate declined 70 cents to reach USD70.56 per barrel on the New York Mercantile Exchange, while Brent crude for October delivery fell 48 cents to end at 72.41 dollars for every barrel on the London ICE Futures Exchange.
This came after a big delay on the oil market that posted the US benchmark and Brent dropped 3.6 percent and 3.3 percent, one-to-one.
Along with Barbara Lambrecht, energy expert at Commerzbank Research "The oil market continues to alternate between concerns about tight supply on the one hand and about looming demand outages on the other."
Lambrecht continued "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" mentioning oil volatility is expected to carry on.
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