Oil prices remain below $ 40

Shafaq News / Oil prices fluctuated near their opening, today, Tuesday, but remained below $ 40, amid concern about the faltering global economic recovery.

 Prices were not affected by the halt in US production from offshore fields as a result of a storm that struck the Gulf of Mexico again in less than a month.

 The US government said the storm, forced energy companies to cut 395,790 barrels per day, or 21.4 percent, of offshore crude oil production in the northern Gulf of Mexico.

 Usually, oil prices rise when production stops, but the Coronavirus pandemic worsens, which makes concerns about demand arise again as global supplies continue to rise.

 At 6:00 pm GMT, Brent prices decreased slightly, for November loading, by 0.05%, to $ 39.54, while US crude rose one cent to $ 37.28.

 Both benchmarks ended last week in the second consecutive week of losses.

 OPEC and its allies, who make up the group known as OPEC +, meet on Thursday, September 17th, to discuss commitment to deep production cuts.