As Europe and the United States grapple with the rise in new coronavirus infections, oil prices fell more than 3% on Tuesday to a two-week low.

Stock and commodity investors were also cautious ahead of the US election debate on Tuesday.

On its second to last day as the front-month, Brent LCOc1 futures for November delivery fell $1.40, or 3.3%, to settle at $41.03 a barrel, while the more active Brent contract for December LCOc2 fell 3.1% to settle at $41.56.

U.S. West Texas Intermediate (WTI) crude CLc1 fell $1.31, or 3.2%, to settle at $39.29 per barrel.

These price drops preceded US oil inventory data released by the US Energy Information Administration (EIA) on Wednesday.

More than one million people around the world have died due to the pandemic, COVID-19, that has devastated the global economy and fuel demand.

In New York, it has been said that those who refuse to cover their face will be fined, as the rate of positive coronavirus tests rose to over 3% for the first time in months.

The changing COVID aspect creates a huge downside risk for crude oil prices.

Managers anticipate a moderate recovery in oil demand and stable prices in the coming months and possibly years.

The conflicts between Armenia and Azerbaijan over the Nagorno-Karabakh region also strained the markets. The escalation of the conflict may affect oil and gas exports from Azerbaijan.

Meanwhile, after the eight-month blockade on oilfield was lifted, Libya said on Tuesday that Sarir oil field has resumed the production.