Oil prices are declining amid growing concerns of increasing cases of Coronavirus
Oil prices fell on Thursday, amid sharp rises in new infections of Coronavirus, coupled with fears of new closures and restrictions in the United States and Europe.
The rise in the dollar also makes oil prices more expensive for dealers in other currencies.
The benchmark Brent crude fell 0.9% to $ 43.95 a barrel, and West Texas Intermediate crude futures fell 1.3% to $ 41.45.
Public schools in the city of New York closed their doors and all of its 1 million students returned to distance learning, which confirms that the second wave of the Coronavirus has imposed its influence.
Tim Walls, Governor of Minnesota, announced a month-long ban on gatherings, the work of gyms, and indoor services in bars and restaurants, with the virus outbreak reaching a record high.
The United States’ land border with Canada and Mexico is expected to remain closed to non-essential travel until December 21 amid the high number of coronavirus cases in the United States.
Meanwhile, data released by the US Energy Information Administration showed that crude inventories rose by 768 thousand barrels last week, less than the expected increase of 1.65 million barrels.
