Oil Falls Amid Fears of Second Wave of Coronavirus

Oil prices fell today amid increasing fears due to a new wave of Coronavirus, as Germany and South Korea announced, and Wuhan, the epidemic outbreak in China, reported an increase in new cases of coronavirus Covid 19.

However, oil prices received some support after a Saudi Energy Ministry official said that the ministry directed the Saudi National Oil Company, Saudi Aramco, to reduce its crude oil production for the month of June by an additional one million barrels per day.

Brent crude futures fell $ 1.04, or 3.4%, to $ 29.93 a barrel. US West Texas Intermediate crude futures fell 30 cents, or 1.2%, to $ 24.44 a barrel.