Oil drops as coronavirus resurgence threatens recovery

Oil drops as coronavirus resurgence threatens recovery

Oil prices fell on Monday on fears that a continued rise in coronavirus cases could stall fuel demand recovery. 

Brent crude fell 0.2%, or 10 cents, at $43.04 per barrel. U.S. oil also lost 0.2%, or 6 cents, at $40.53 per barrel.

The current tally of global coronavirus infections rose to 14 million with total deaths nearly at 602,000. 

While fuel demand recovered from a 30% fall in April due to the lockdowns, usage remains below pre-pandemic levels. U.S. retail gasoline demand is also dropping again due to the coronavirus resurgence.

Japan’s oil imports dropped 14.7% in June year-on-year. However, that remained small compared to the 25% drop in May.

Still, exports from Japan suffered a double-digit decline for the fourth straight month as the pandemic impacted global demand.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?