Oil Drops As New Cases Emerge – 23 September, 2020

Fears of a drawn out economic recovery by the worlds largest oil consumer, the United States, caused oil futures to fall as a resurgence in COVID-19 cases makes its way through Europe, causing new travel restrictions. U.S. West Texas Intermediate crude futures were down 0.9% or 36 cents to $39.57 per barrel. Brent crude futures were 0.7% or 28 cents lower at $41.49 per barrel. U.S. crude stockpiles dropped by 4 million barrels last week, causing both benchmarks to rise slowly, however U.S. fuel demands still remains subdued as business activity slowed for the month of September as data shows.