Oil prices are falling on the morning of September 8, WTI is dropping in price by almost 2%, investors are worried that an increase in the number of coronavirus cases will again lead to a decrease in demand for raw materials, Angi reports.
The price of November futures for Brent crude fell by 0.14%, to $41.95 per barrel, October futures for WTI fell by 1.94%, to $39 per barrel.
Investors are under the influence of growing fears about a possible rise in the number of COVID-19 cases after a long weekend in the United States, which also marks the end of the peak driving season in the United States, which could affect fuel demand.
Lachlan Shaw, Head of Commodities Research at National Australia Bank, said the exit from the "summer peak driving season in the US, which is a seasonal factor, has reoriented the market attention" to how strong a recovery in demand was happening in the world.
"This (the increase in the number of new outbreaks of COVID-19 – ed.) raised concerns that the recent recovery in demand may be halted, as the general public remains wary of long travel," analysts at ANZ Research said.
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