Oil slides more than 3% as virus cases mount
Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.
Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.
The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA) on Wednesday.
Analysts polled by Reuters forecast U.S. crude inventories increased 1.6 million barrels last week.
On its second to last day as the front-month, Brent futures for November delivery fell $1.60, or 3.8%, to $40.83 a barrel, while the more active Brent contract for December fell 3.6% to $41.33.
West Texas Intermediate crude fell $1.31, or 3.2%, to settle at $39.29 per barrel.
Reference: CNBC
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