US-China Crisis, Second Wave Of COVID 19 Send Oil Price Tumbling

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The combination of the lingering crisis between The United State of America and China and fear over a second wave of the COVID-19 pandemic has seen global oil prices drop late on Monday.

Brent crude declined by 1.62 percent to sell at $42.64 losing over 21 cents while America’s West Texas Intermediate (WTI) crude was down by 1.19 to $40.64 a barrel, from $41.40.oil prices in US, covid-19 Pandemic in US

Read also: Amid Funding Cut From US, WHO Creates Foundation To Tap New Funding Sources

The drop in oil prices is said to be a reflection of the financial markets in Asia. The deteriorating relationship between the United States and China continues to take a toll on the global markets. Last week, the US government ordered China to close its consulate in Houston, accusing it of spying activities under the guise of diplomatic work, while China retaliated by taking over the United States consulate in Chengdu.

Furthermore, the resurgence of COVID-19 cases in the United States, Spain, Brazil and the reintroduction of lockdown measures in some states led to rising concerns about the speed of demand recovery in the world’s largest petroleum consuming economy. According to John Hopkins University, the number of COVID-19 cases in the United States exceeded 4 million, with 15.4 million cases confirmed globally.

Read also: Oil Revenue Crisis: Hope Rises For Nigeria As Global Oil Market Is Expected To Re-Balance in 2 Months

This is coming on the heels of a recent recovery of oil prices after lockdown measures across most parts of the world were eased. This, in turn, has supported crude prices, a situation that has also encouraged the world’s top producers to increase exports.

However, the recovery has been slow because the re-introduction of lockdowns in some parts of the United States and other parts of the world which has been limiting oil consumption.

Read also: Fresh Headache For Oil Market Recovery Amid Fear Of Second Wave Of COVID 19 Infections

Babajide Okeowo With Agency Report
Babajide Okeowo With Agency Reporthttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

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