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Oil moves lower as Covid-19 cases spark demand fears


Wednesday, 8 July 2020 02:09 WIB

BrentMinyak WTI


Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand.

Brent crude futures declined by 24 cents, or 0.56%, to $42.86. West Texas Intermediate crude futures fell 1 cent, or 0.02%, to settle at $40.62 per barrel.

“Oil prices are lower today on concerns that the surge in coronavirus cases in the U.S. will limit a recovery in fuel demand,” RBC said.

Sixteen U.S. states have reported record increases in new COVID-19 cases in the first five days of July, according to a Reuters tally.

Source: Reuters


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