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Oil Prices Drop on Demand Recovery Fears Amid U.S. Virus Surge


Tuesday, 14 July 2020 18:52 WIB

Minyak WTIbrent oilOil,Crude Oil


Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand.

West Texas Intermediate crude futures slid 35 cents, or 0.85%, to $39.76 a barrel, while Brent crude futures fell 24 cents, or 0.56% to $42.48 a barrel.

Both benchmark contracts lost just over 1% on Monday.

California’s governor on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums in the country’s most populous state to cease indoor operations as coronavirus cases and hospitalizations soared.

The state’s two largest school districts, in Los Angeles and San Diego, also said they would teach only online when school resumes in August.

Source : Reuters


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