Oil stocks fell by more than 1% at the close of trading yesterday, on Friday, and noted the most significant weekly losses since March.
This decline was triggered by fears surrounding reduced global oil demand, consequences from proposed measures and calls in the oil market, as well as an increase in coronavirus cases, which threatens demand for fuel.
"We have the consequences of the growing number of cases of coronavirus, threatening demand for fuel," reported the chief strategist at OANDA.
According to some data, the inflow of investments into certain markets, such as raw materials, has slowed due to existing measures in the market related to the spread of COVID-19.
As a result of trading, October futures for Brent crude oil fell by 1.9% to $70.29 per barrel, while WTI crude oil futures fell by 1.7% to $68.28 per barrel.
