Oil Prices Regain Lost Ground As Stock Markets Recover

Oil prices are fighting hard to regain some ground after falling hard on Tuesday, but WTI still is barely above $38. Prices fell hard on Tuesday, falling from near $40 per barrel at the close of trading on Monday to $36.76 on Tuesday after Saudi Arabia cut its official selling price (OSP) for October to two of its largest buyers, Asian and U.S. refineries, and after one of the most promising Covid-19 vaccine trials was put on hold due to an adverse reaction. The news is bad for oil demand, which is counting on lockdowns being lifted and businesses…