Prices of Petroleum fell more than 3% on Tuesday, reaching the lowest level in two weeks, due to concerns about fuel demand at a time when United States it’s at Europe deal with a new wave of coronavirus.
Investors in the stock and commodity markets also remained cautious before the first debate for the United States presidential election, which will bring together the Democrat Joe Biden and the republican Donald Trump this Tuesday.
“The market crash today, in general, has accompanied declines in stocks,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
On its penultimate day as the first contract, Brent oil for delivery in November closed down 1.40 dollars, or 3.3%, to 41.03 dollars per barrel, while the most active international reference maturity, for December, fell 3.1% to $ 41.56 a barrel.
US oil (WTI) ended the day with a low of $ 1.31, or 3.2%, at $ 39.29 / barrel.
The drop in prices occurs before the release of stock data in the US by the North American Petroleum Institute (API), still on Tuesday. On Wednesday, the Energy Information Administration (IEA) reveals official data, which the market believes should point to an increase of 1.6 million barrels in the last week.