Oil futures fell on Thursday, with U.S. benchmark prices settling back below $40 a barrel, as commodity traders contended with rising cases of coronavirus in the U.S. and some other countries that may threaten to unsettle demand for crude.

August West Texas Intermediate crude fell by $1.28, or 3.1%, to settle at $39.62 a barrel on the New York Mercantile Exchange, after climbing 0.7% on Wednesday. Prices finished Thursday at the lowest since for a front-month contract June 30, according to Dow Jones Market Data.

Global benchmark Brent oil for September lost 94 cents, or 2.2%, at $42.35 a barrel on the ICE Futures Europe exchange. It settled at the lowest since July 1.

Prices for both WTI and Brent on Wednesday marked their highest settlements since March 6.

Source: Marketwatch