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7/28, 3:37 PM (Source: TeleTrader)
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Crude declines amid fears over COVID-19 second wave

Prices of oil slid on Tuesday as the increasing number of coronavirus cases across the globe remained in investors' focus. United Kingdom's Prime Minister Boris Johnson saw "the signs of a second wave" of the pandemic hitting Europe, while Germany's Robert Koch Institute said the epidemiological situation in the country is "very worrying."

According to the World Health Organization, the outbreak will have only one "big wave" that will "going to go up and down a bit" but it is not likely to be affected by seasons.

West Texas Intermediate (WTI) for deliveries in September dropped 1.08% to go for $41.15 per barrel at 9:26 am ET, while Brent for settlements in the same month slid 0.30% at the same time, selling for $43.28 per barrel.

Breaking the News / GA