Oil extended its slipping spree on Tuesday and once again lost its prices amid rapidly increasing COVID-19 cases, elections in the US and uninhibited soaring production in Libya. These reasons outlawed the simmering hopes that major oil producers would hold back the surging extraction of the commodity by paring the supply. But it doesn’t seem to be happening.
The Brent Crude futures edged down to $38.82, falling 15 cents, losing 0.4 per cent. Meanwhile, the WTI Crude plunged to $36.75 per barrel, losing 0.2 per cent or 6 cents by 0159 GMT.
Reportedly, after the UK and France, now Italy has imposed strict lockdown measures and limited travel, which has hit the fuel sector and demand for oil.