“Brent Crude Tumbles Below $40 in Wake of Souring Demand Outlook”

“Crude in London tumbled below $40 a barrel for the first time since late June in the wake of faltering demand and weaker equities dampening market sentiment.

Brent futures tumbled as much as 5.3% to $39.77 a barrel on Tuesday. The combination of a stalling Asian demand recovery, the end of the U.S. summer driving season and increased supply from the OPEC+ alliance are signaling a bleak short-term outlook for oil prices. Equity markets also weakened, leading crude to break the key psychological barrier of $40 a barrel. The Nasdaq 100’s three-day slide topped 10% after its surge from March lows stretched valuations toward levels last seen in the dot-com era…”

https://finance.yahoo.com/news/brent-crude-drops-below-40-134014603.html