Commodities

Oil Prices Take Beating Over Demand Concerns

Oil prices take beating over demand concerns

Worried by the fuel demand globally due to the coronavirus pandemic, investment stayed back from investing in oil. Hence, the prices stumbled once again in the market on Wednesday, early morning Asia.

Reportedly, there are no signs of COVID-19 stopping anytime soon. The cases have surpassed 38 million counts across the globe as per the data offered by the John Hopkins University until October 14, 2020.

WTI futures felt the brunt, and it was down to $40.09, which is 0.27 per cent loss. Likewise, Brent oil futures tumbled to $42.35, a loss of 0.24 per cent by 4:02 AM GMT.

However, OPEC has forecast that the oil demand would surge by 6.54 million BPD in 2021.

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