Oil price dropped below $40 per barrel

Oil prices in the morning of September 9 are declining amid fears of a possible second wave of COVID-19, Angi reports.

The price of November futures for Brent crude oil fell by 0.53%, to $39.57 per barrel, October futures on WTI – by 0.65% to $36.52 per barrel.

Oil prices continued their marked decline on Wednesday after falling in the previous session, when the price of Brent crude fell below $40 a barrel for the first time since June due to renewed spread of COVID-19 in many countries.

According to the latest WHO data, over 27.2 million cases of infection have been identified in the world. Infections are on the rise in India, the UK, Spain and parts of the US, threatening hopes for a global economic recovery and could affect fuel demand.

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