Oil Prices Take a Dive as COVID‑19 Surge Spurs Unease
Why the dip? In a week where the U.S. has seen a spike in Covid‑19 cases, investors worried that a second wave could bring fresh restrictions, knocking out demand for gasoline and industrial fuel.
US: The Biggest Oil Consumer
America’s appetite for petrol runs so high that any hiccup in the economy ripples worldwide—think of it as the lead‑sheet that keeps the global oil market humming.
Price Breakdown (Mid‑Morning)
- Brent Crude: ↓3.1 % to $37.35 per barrel
- U.S. Light Crude: ↓3.4 % to $35.09 per barrel
These are the first weekly falls in seven months, plunging over 12% this week alone. With oil stocks piling up, supply outpaces demand like a coffee cup that keeps refilling—no one wants a dry cup.
Bottom Line With a Dash of Humor
So grab your weather‑proof wallet: as the pandemic taste‑tests our economy again, crude oil feels the squeeze. It’s a bit like watching a rubber ball slowly lose shape—only this time, the ball’s a barrel of oil and the pinch is our ever‑growing stockpile.
