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