Tuesday has been the volatile day for the oil market. At the end of last night’s trading session, prices jumped more than 1 percent. The US oil prices increased above $ 40 for the first time since March.
In today’s trading, the WTI oil price index fell by 39 cents, or 0.96 percent, reaching $ 40.34.
Brent crude for January delivery dropped 29 cents, or 0.67 percent, to $ 42.79 a barrel.
At the end of last night’s trading, prices jumped due to the continuing decline in the production of major manufacturers. The sharp decline in the number of active wells in the United States and Canada, indicates a drop in supply shortly, which has boosted prices.
Still, concerns about the recurrence of the coronavirus in the world and the weak outlook for demand have limited price growth.
Number of infected by the coronavirus worldwide exceeded 8 million
The total number of people infected by the coronavirus exceeded 8 million. In the past 24 hours, 6,271 people have died from the COVID-19 pandemic worldwide. The number of victims has already totaled 456,973.
Among the 14 million infected people, around 2,254,662 cases belong to the United States. The country remains leading in the number of infected cases and the number of deaths as well. Yesterday, the state confirmed 33,583 new cases of the disease. As parts of the US tentatively reopened, the virus started spreading from the places that have far less attention, such as prisons, nursing homes, and meatpacking plants. According to John Hopkins University, the total number of victims in the US has reached 119,719.
In terms of the number of victims, Brazil ranks second place in the world. The number of infected people in the country has already exceeded one million. The number of deaths has reached more than 50 thousand.