2020.09.2918:55:00UTC+00Crude Oil Futures Settle Sharply Lower

Crude oil prices drifted down sharply on Tuesday as worries about energy demand resurfaced after reports showed a surge in coronavirus cases across the globe and that several countries are reimposing lockdown measures.

Traders also looked ahead to the first U.S. presidential debate between Donald Trump and Democrat Joe Biden, due to take place later today.

West Texas Intermediate Crude oil futures for November ended down $1.31 or about 3.2% at $39.29 a barrel.

Brent Crude futures slipped $1.60 or about 3.8% to $40.83 a barrel.

On the Covid-19 front, the global death toll from the pandemic surged past 1 million on Monday night, with U.N. Secretary General Ant?nio Guterres calling it a "mind-numbing figure".

He said that it was crucial that the international community learn from the mistakes made in the first 10 months of the pandemic.

Separately, Anthony S. Fauci, the United States' leading infectious-disease expert, called Florida's full reopening of bars and restaurants "very concerning," and warned it will spark more coronavirus outbreaks.

Traders also await weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). While API's report is due later today, EIA is scheduled to release its inventory data at 10:30 AM ET Wednesday.