International Diplomat Magazine

Oil down as U.S. virus spike stokes demand worries


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

Brent crude LCOc1 futures declined by 44 cents, or 1.02%, to $42.66, by 0935 GMT, after hitting a high of $43.19.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 53 cents, or 1.3%, to $40.10 a barrel, after a high of $40.79.

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

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