Oil prices fell more than one percent in today’s trading due to fears of oversupply and the deteriorating economic situation due to the Corona virus pandemic.
According to Reuters, Brent crude futures fell 51 cents, or 1.7 percent, to 30.46$ a barrel, while US West Texas Intermediate crude contracts fell 49 cents, or two percent, to 24.25$ a barrel.
Fear of a possible second wave of Corona virus infections in northeast China and South Korea has sparked investor concern in conjunction with many countries starting to ease restrictions on the pandemic, which could support oil demand.
Source : Sana
