Brent crude down 1%; heads for monthly, quarterly losses

30/09/2020 Argaam

Crude prices declined on Wednesday heading towards recording monthly and quarterly losses as second wave of COVID-19 saw cases increasing in several countries, and ahead of US stockpile data release.

 

Brent crude was trading down 1.2% at $40.56 a barrel, at 8.50 am Makkah time.

 

US West Texas Intermediate (WTI) crude futures fell 09% to $38.93 a barrel.

 

The recent resurgence in COVID-19 cases is clearly not good for market sentiment, Reuters reported citing ING economists. While the demand remains an issue for the market, the supply side is not helping with the balance either, they added.

 

Meanwhile, the American Petroleum Institute data on Tuesday showed that US crude oil stocks fell by 831,000 barrels over the week ending Sept. 25.

 

Official data on US inventories will be released later today by the Energy Information Administration.

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