Oil prices decreased on Tuesday due to coronavirus-related uncertainty in global economies.
International benchmark Brent crude was trading at $41.39 per barrel at 0608 GMT for a 0.12% drop after closing Monday at $41.44 a barrel.
American benchmark West Texas Intermediate (WTI) was at $39.54 a barrel at the same time for a 3.49% decrease after ending the previous session at $40.97 per barrel.
The increase in coronavirus cases and the epidemic-related uncertainty in the global economy as well as fading expectations of a stimulus package in the US to revive the economy from the negative effects of the coronavirus pandemic were the main reasons affecting the decrease in oil prices.
Oil prices started Tuesday with low levels ranging between $39-$41 per barrel, Political risk and oil analyst Jose Chalhoub told Anadolu Agency.
Chalhoub underlined that the return of Libyan oil to the market, “which could bring around 1 million barrels per day in the long run, is further putting downward pressure on oil prices while demand looks unlikely to recover soon.”
Energy firms that started to return crews to offshore oil platforms after an expected hurricane weakened before it reached the Gulf of Mexico, where more than half of the US oil refineries are located, also supported the price downtrend.
The number of COVID-19 cases worldwide is now over 31 million, according to the latest data from Johns Hopkins University.
As the US leads the number of cases with over 6.8 million as of Tuesday morning, India has over 5.5 million, and Brazil follows with more than 4.5 million cases.
By Sibel Morrow