Rising Covid Cases Hurt Oil Prices – 13 October, 2020

Rising positive COVID-19 cases across the world have caused oil prices to drop over concerns of the future of fuel demands and economic recovery. Brent crude futures for December were 0.3% or 12 cents lower to $42.33 per barrel. U.S. West Texas Intermediate crude futures were 0.3% or 11 cents lower at $40.09 per barrel. OPEC and their allies have agreed to move forth with their plan to cut oil production from January, while U.S. oil production in the Gulf of Mexico continues to recover after Hurricane Delta touched down a few days ago, causing production to slow down.