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Oil prices may drop soon due to COVID-19 second wave

Category: Economy

Date: 2020-11-02T19:46:26+0000
Oil prices may drop soon due to COVID-19 second wave

Shafaq News / Expert on energy affairs in Iraq, Furat Al-Moussawi, said on Monday that the price of one barrel of oil will drop to reach less than $ 35 in the coming period due to the second wave of COVID-19.

Al-Moussawi told Shafaq News agency, "the second wave of COVID-19 caused a surge in the number of cases in the US and European countries. Factories stopped working due to the preventive measures and lockdowns".

"Lockdowns had an economic impact and caused a drop in oil prices. Brent crude is now $ 37 and US crude $ 35".

Several European countries imposed a complete lockdown to confront the second wave of COVID-19.

Brent prices fell by 1.16 dollars, or 3.1%, to 36.78 dollars Monday morning.

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