COVID-19 Transmission Rate Rises, Oil Prices Weaken

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Yosepha Pusparisa 02/11/2020 14:42 WIB

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Global crude oil prices fluctuated until Monday (November 2nd) due to the continuing rise in Covid-19 cases. Brent crude oil reached US$36.59 per barrel, while WTI reached US$34.52 per barrel.

Global Crude Oil Daily Price (November 2nd, 10:15 WIB)

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COVID-19 Transmission Rate Rises, Oil Prices Weaken

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Global Crude Oil Daily Price (November 2nd, 10:15 WIB)

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Global crude oil prices, both Brent and West Texas Intermediate (WTI), remain volatile. On Monday (November 2nd), Brent crude oil was priced at US$36.59 per barrel. Meanwhile, WTI crude oil was at US$34.52 per barrel at 10:15 WIB (Western Indonesian Time).

Since last week, global crude oil prices have shown a weakening trend. This is suspected to be due to the rising number of COVID-19 cases in Europe and the United States. Furthermore, France and Germany have re-imposed lockdowns in response to a second wave of COVID-19 infections. This is predicted to negatively impact global crude oil prices, as cited by CNN Indonesia.

Editor : Muhammad Ahsan Ridhoi

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."