Oil prices fell again on Wednesday after a significant decline in the previous session, as rising Covid-19 cases in the US, India, the United Kingdom and Spain undermine hopes of a strong recovery in global crude oil demand and economic growth, Reuters reports.

Light sweet crude oil futures were down $0.28 to $36.48 on Wednesday, while North Sea Brent oil barrels went down $0.25 to $39.53.

Both important indices are trading at about the lowest level in the last three months.

On the New York Mercantile Exchange (Nymex), the price of a barrel of oil ‘light sweet crude’ with delivery in October decreased by $3.01 on Tuesday, reaching the closing value of $36.76, according to Agerpres.

The coronavirus pandemic threatens hopes of a global economic recovery, reducing fuel demand, although declining prices could increase refinery profits, according to an analysis by Eurasia.

The record cut in production by the Organization of the Petroleum Exporting Countries (OPEC) and other non-cartel producers, grouped in the OPEC+ alliance, helped supporting the price, but bleak economic data reported almost daily reduce the outlook for crude oil demand.

Consultancy Rystad Energy has forecast that a barrel of Brent oil will stabilize at about $60 in 2025, compared to about $40 today.