On its second to last day as the front-month, Brent futures for November delivery fell US$1.40, or 3.3%, to settle at $41.03 a barrel, while the more active Brent contract for December fell 3.1% to settle at $41.56. U.S. West Texas Intermediate (WTI) crude fell $1.31, or 3.2%, to settle at $39.29 per barrel.
NEW YORK: Oil prices fell over 3% on Tuesday to their lowest in two weeks on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.
Investors in stocks and commodities also remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday.
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