WEEKLY ENERGY RECAP: Oil slides

Arabnewsksa13 Sep, 2020News

Crude oil prices slid for a second consecutive week amid fears of a severe second wave of COVID-19 that clouded the short-term demand outlook. The end of the US summer high driving season, lower refining margins, lower Chinese crude oil imports and a stronger dollar have added to the down price momentum. Brent crude retreated to $39.83 per barrel and dipped below the $40 barrier for the first time since June. WTI crude fell to $37.33 per barrel.