抖阴短视频

LONDON: Oil slid 5 percent to below $40 a barrel on Tuesday, its lowest since June, over concerns that a demand recovery could weaken as coronavirus infections flare up around the world.

Coronavirus cases rose in 22 of the 50 US states, a Reuters analysis showed on the Labor Day holiday weekend. New infections are also increasing in India and Britain.

Brent crude fell $2.18, or 5.2 percent, to $39.83 in early afternoon trade, and earlier slipped to $39.61, the lowest since June 25. US West Texas Intermediate (WTI) crude dropped $2.99 or 7.5 percent, to $36.78.

On Monday, crude fell after 抖阴短视频鈥檚 state oil company Aramco cut the October official selling prices for its Arab light oil, a sign demand may be stuttering.

鈥淭he price weakness is continuing today,鈥� said Eugen Weinberg, analyst at Commerzbank. 鈥淲e believe this is attributable first and foremost to demand concerns.鈥�

Both oil benchmarks have dropped out of the ranges they were trading in throughout August. Brent is falling for a fifth day and has lost more than 10 percent since the end of August.

鈥淭he streak of losses is driven by a stalling crude demand outlook for the rest of the year,鈥� said Paola Rodriguez-Masiu, of Rystad Energy.

Still, oil has recovered from historic lows hit in April, thanks to a record supply cut by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. The producers are meeting on Sept. 17 to review the market.

Crude has also found support from a weaker US dollar, although the US currency was up on Tuesday. The market could rally beyond $45 later this year, said Norbert Ruecker, head of economics at Swiss bank Julius Baer.

鈥淔undamentally, things have not changed,鈥� he said.

鈥淒emand is recovering, supply remains constrained, and the storage overhang is slowly disappearing.鈥�