Crude slides as economic worries mount
Prices of oil ticked lower on Tuesday as the global economic recovery from the coronavirus crisis seems to be slower than anticipated with infections climbing worldwide. Japan recorded the largest economic contraction on record as the country’s GDP fell 28.1% in the second quarter, while the French the National Institute of Statistics and Economic Studies saw the country’s economy weakening 9% in 2020.
Meanwhile, the number of confirmed daily COVID-19 cases was at its highest since April in Germany and Spain’s infections surpassed 500,000, raising concerns over a potential second wave of the pandemic in Europe.
West Texas Intermediate (WTI) for October’s settlement slid 0.51% to sell for $38.88 per barrel at 2:49 am ET. A minute later, Brent for deliveries in November surrendered 0.48%, going for $41.81 per barrel.
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