Lockdown in Europe Pushes Oil Prices Down

Lockdown in Europe pushes oil prices down

Friday morning opened to a dim start for investors of oil as the market, gripped by fear of new lockdown measures in European nations slipped down again. 


Notably, the second wave of COVID-19 is making casting massive troubles for Europeans, which is curbing demand and supply of oil. Besides, the presidential elections in the US are keeping traders on tenterhooks as Biden is emerging as a new president and he’s against oil production. 


WTI futures plunged to $37.86 by 2.40 per cent, while Brent oil futures slipped to $40.05, losing 2.15 per cent by 4:14 AM GMT. It managed to remain upward and maintained USD 40 mark. 


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