Fears of declining global demand put pressure on oil prices

3 Sep 2020 05:39 PM

Yesterday’s fall in oil prices continued during trading today, declining by more than 2% as concerns over falling gasoline demand in the US and the wider hit to global economic recovery from the pandemic.

Brent crude fell by 2.25% to $43.43 a barrel, while West Texas crude futures fell by 2.5% to $40.49.

Recent data from the EIA showed that US gasoline demand fell by 8.78 million barrels a day over the past week.


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