Oil futures fell Tuesday to their lowest levels since June, unable to shake off worries about crude demand due to a continued rise in coronavirus cases, the end of U.S. summer holiday driving season and a report that Saudi Arabia plans to cut its oil prices in October.
The U.S. benchmark, West Texas Intermediate crude for October delivery CL.1, -7.62% CLV20, -7.64% fell $3.01, or 7.6%, to $36.76 a barrel on the New York Mercantile Exchange. November Brent crude BRN.1, -5.28% BRNX20, -5.28%, the global benchmark, was off $2.13, or 5.1%, at $39.88 a barrel on ICE Futures Europe, after a 1.5% decline on Monday, when U.S. markets were closed for Labor Day.
