Oil dips as surging coronavirus cases threaten demand recovery

MELBOURNE/SINGAPORE (Reuters) – Oil prices fell on Thursday, paring gains from earlier in the session, as a resurgence in COVID-19 infections across the globe underpinned concerns over economic growth and a recovery in fuel demand. European nations are reviving curfews and lockdowns amid the growth in new coronavirus cases. India, which is on track to overtake U.S. with the world’s most COVID-19 infections, is bracing for a surge of cases in coming weeks as it heads into its main holiday season. The country is the world’s third-biggest oil user Brent crude futures dropped 28 cents, or 0.7% to $43.04 a barrel at 0724 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 24 cents, or 0.6%, to $40.80. The International Energy Agency (IEA) said on Wednesday that a second wave of coronavirus infections could complicate efforts by producers to balance the market. “Traders are in hyperventilation mode over the extent to which governments may have to renew social mobility restrictions to control the coronavirus’s spread,” said Stephen Innes, chief global markets strategist at Axi, in a note. Brent earlier rose by 0.4% and WTI was up 0.6%, extending gains from Wednesday session, after data showed U.S. crude stockpiles… continue reading

Continue reading Oil dips as surging coronavirus cases threaten demand recovery. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply