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Oil futures settled sharply lower on Tuesday, with Brent sinking below $40 a barrel for the first time since June and U.S. crude falling nearly 8% after Saudi Arabia cut its October selling prices and COVID-19 cases rebounded in several countries.

Coronavirus infections are rising in India, Great Britain, Spain and several parts of the United States, where the infection rate has not come under control for months. The rebound in illnesses could weaken the global economic recovery and sap fuel demand.

U.S. West Texas Intermediate (WTI) crude CLc1 settled down$3.01 or 7.6%, at $36.76, earlier hitting lows not seen since June 15. Brent crude LCOc1 fell $2.23, or 5.3%, to $39.78 a barrel.

Reference: Reuters