Benchmark Brent crude oil prices fell below $40 a barrel in mid September, for the first time since June, amid fears that demand could be softening.
Oil cartel Opec is meeting later in the month to review the market, expect some supply amendments after that. The coronavirus flare ups around the world in the past month or so, have fuelled fears about the strength of the global recovery, hence the demand tail off.
The International Energy Agency (IEA) has also reduced its forecast for oil demand this year. It no longer expects a strong rebound in the second half of the year and has cut it's outlook by 100,000 barrels per day for the third quarter, and 600,0000 bpd for the fourth quarter.
