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HomeBusinessMarketsOil drops towards Ksh.7,610.92 as virus concerns weigh

Oil drops towards Ksh.7,610.92 as virus concerns weigh

Oil prices jump as U.S Inventories drop

Oil prices have declined towards Ksh.7,610.92 (USD.70) a barrel as more countries imposed fresh movement restrictions to counter a surge in COVID-19 cases.

Japan is poised to expand emergency restrictions to more regions while china, the world’s second-largest oil consumer, has imposed restrictions in some cities and cancelled flights, threatening fuel demand.

Brent crude oil futures dropped by 38 cents to Ksh.7,610.92 a barrel after dipping below that threshold for the first time since July 21.

U.S. West Texas Intermediate crude futures fell by 34 cents to Ksh.7,372.17 (USD.67.81).

In the U.S, the world’s biggest oil consumer, COVID-19 cases hit a six-month high with more than 100,000 infections reported on Wednesday.

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