Oil falls over 3% as virus cases mount and U.S. debate looms | Reuters

Oil falls over 3% as virus cases mount and U.S. debate looms | Reuters:

Oil prices fell over 3% on Tuesday to their lowest in two weeks on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections.

Investors in stocks and commodities also remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. .DJI.SPX

“Today’s lower trade generally followed declines in the equities,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

On its second to last day as the front-month, Brent LCOc1 futures for November delivery fell $1.40, or 3.3%, to settle at $41.03 a barrel, while the more active Brent contract for December LCOc2 fell 3.1% to settle at $41.56.

U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.31, or 3.2%, to settle at $39.29 per barrel.