Oil prices tumbled to a three-month low on Tuesday as fears grew that a resurgence in coronavirus cases around the world would hold back the recovery in energy demand.
Brent crude, the global benchmark, fell 5.9 per cent by late afternoon in London to trade at less than $40 a barrel for the first time since June. West Texas Intermediate, the US marker, shed more than 8 per cent to about $36 a barrel. Both measures are down almost 15 per cent since last week.
Analysts are concerned that the bounceback in crude consumption in recent months may be over. Monday’s Labor Day public holiday marked the end of America’s driving season, the traditional period for peak demand.
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