Oil rates down on Tuesday amid concerns of stalled Global Economy

Syed Umarullah HussainiWeb Editor

15th Sep, 2020. 06:51 am
Oil Prices Keep Falling On Fears Over Worldwide Demand Amid Lockdown

Oil rates in international markets down more than 20 cents on Tuesday amid the concerns about the stalled global economy.

According to the details, in the Oil rates Brent crude edged down 22 cents, or 0.6%, at $39.61 a barrel while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents, or 0.2%, at $37.26 a barrel.

Both contracts ended last week lower, falling for a second week in a row.

Energy experts are of the view that the storm that hit gulf of Mexico is taking production offline and the market doesn’t care – that shows just how bad the situation is.

Hurricane Sally gained in strength in the Gulf of Mexico, west of Florida on Sunday and was poised to become a category 2 hurricane.

The storm forced energy firms to shut 21.4%, or 395,790 barrels per day (bpd), of offshore crude oil production in the northern Gulf of Mexico, the U.S. government said on Monday.

On the other hand in the US stock markets tech stocks continued to rebound from last week’s losses, with market leader Apple rising over 3% and Microsoft over 1%.

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