Brent crude is trading above $43 per barrel

Oil prices show weak growth on September 21, 2020, Angi reports.

The price of November futures for Brent crude rose by 0.07%, to $43.18 per barrel, and November futures for WTI – by 0.05%, to $41.34 per barrel. Meanwhile, October futures for WTI rose in price by 0.02%, to $41.12 per barrel.

On Monday, investors' attention is focused on the situation with natural disasters in the United States. On Saturday, the US National Hurricane Watch Center (NHC) announced that Storm Beta had formed in the Gulf of Mexico.

It can lead to a temporary halt in production in the region, thereby somewhat reducing the supply on the market.

The rise in coronavirus cases and the possible start of a second wave may entail new quarantine restrictions, which will again reduce the demand for oil.

“The rise in oil demand is hard to believe as the number of infections is on the rise in France, Spain and the UK, along with concerns that the US appears to be poised for at least another wave in the fall and winter,” said Edward Moya, senior market analyst at OANDA.

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