Oil prices dipped further on Wednesday as the global health crises of coronavirus continue to rise in India, Great Britain, Spain, and several parts of the United States, where the infection rate has not come under control for months.
According to the details, Brent crude prices in the international market were down 16 cents and stood at $39.62 a barrel.
Whereas U.S. crude was down 24 cents, or 0.7%, at $36.52 a barrel, having fallen nearly 8% in the previous session.
Both Brent and West Texas Intermediate crude futures slid on Tuesday to their lowest levels in nearly three months.
Furthermore, Brent crude’s break below $40 a barrel follows two months of the global oil benchmark holding largely between $42 and $45 a barrel.
On the other hand, record supply cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+ have helped support prices, but with grim economic figures being reported almost daily, the outlook for demand for oil remains bleak.