Oil prices edged lower on Tuesday as demand concerns continued to weigh, amid the possibility of a rise in COVID-19 cases after the US Labor Day long weekend.

 

According to a report by ANZ Research, cited by Reuters, the decline in oil prices coincides with the presence of worrying signs about the reports of coronavirus cases in a number of regions around the world, indicating that this has led to concerns about the stalling of the process of recovery of demand for crude oil.

 

In terms of trading, Brent crude was down 0.2% at $41.91 a barrel, at 8.55 am Makkah time.

 

US West Texas Intermediate crude, meanwhile, fell 1.8% to $39.09 a barrel.

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