Decline in demand in the world's two largest fuel-consuming regions

The rise in Corona injuries and the strength of the dollar lower oil prices

Brent crude futures fell to $ 42.78 a barrel

Oil prices fell yesterday, as they were negatively affected by fears that a significant increase in Coronavirus (Covid-19) infections in Europe and the United States curbed demand in two of the largest fuel-consuming regions in the world, while the strength of the US dollar added more Price pressures.

Brent crude futures, for December delivery, fell 38 cents, or 0.9%, to 42.78 dollars a barrel, while US West Texas Intermediate crude futures, for November delivery, fell 35 cents, or 0.9%, to 40.61 dollars a barrel.

The two benchmarks fell slightly the day before, but were almost unchanged compared to last week.

The dollar headed for the best weekly performance this month, yesterday, as it caused a surge in HIV infections and stalled progress towards US stimulus as anxious investors sought to buy safe assets.

Oil, which is denominated in US dollars, tends to decline when the dollar rallies, as purchases of fuel for buyers paying in other currencies become more expensive.

A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allies of oil producers, the group known as "OPEC Plus", ended their meeting the day before yesterday, and expressed concern about the rise in oil supplies while social restrictions to curb "Covid-19" restrict fuel consumption.

OPEC will reduce the current supply cuts of 7.7 million barrels per day by two million barrels per day in January.

Sources in the «OPEC Plus» said that the negative expectations of demand and the rise in supplies from Libya may mean that «OPEC» may extend the existing cuts in the next year.

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