empty
 
 

2020.09.0819:06:00UTC+00Crude Oil Futures Settle At Near 3-month Low

Crude oil futures settled at near 3-month lows on Tuesday as prices fell sharply amid renewed worries about outlook for energy demand.

Rising tensions between the U.S. and China, a stronger dollar and reports showing a sharp spike in coronavirus cases across several parts of Europe sent crude oil prices crashing down in today's session.

West Texas Intermediate Crude oil futures for October ended down $3.01 or about 7.6% at $36.76 a barrel after hitting a low of $36.13 in the session.

Brent crude futures were lower by $2.25 or about 5.5% at $39.76 a barrel.

Concerns about excess supply in the market following OPEC+ relaxing production curbs from last month, and fears of a drop in energy demand due to surging virus cases across the world weighed on the commodity.

The U.S. dollar firmed up against most major currencies today. The dollar index rose to 93.48 by mid morning, and despite paring some gains subsequently, was still up nearly 0.7% from previous close.

U.S. and European stocks tumbled as well. On Wall Street, the tech-laden Nasdaq Composite Index plunged 3.7%. The Dow slid 2.1% and the S&P 500 fell 2.58%.

Meanwhile, traders looked ahead to weekly inventory data. The American Petroleum Institute will release its weekly report on Wednesday evening, while the Energy Information Administration will come out with its inventory data Thursday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback