Oil Plunges Amid Rising Covid-19 Cases

Oil plunges amid rising Covid-19 cases

Oil continued its streak of losses when Tuesday morning witnessed a plunge once again in the Asian market. It was the 4th day on a trot due to rising coronavirus cases and bludgeoning uncertainty of demand and supply of the fuel worldwide. 


WTI futures went down to $40.80 by 0.63 per cent. Brent oil futures saw a loss of 0.73 per cent and plummetted to $42.31 by 4:00 AM GMT. However, both the futures contracts maintained their mark above USD 40 per barrel. 

Notably, Libya, which is not part of OPEC+ is adding to the oversupply woes of major oil-producing nations. The oil production of the country is witnessing a massive surge ever since the news of the pandemic broke in January, and most of the heavyweight producers reduced or shut their refineries.


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