Oil drops on fears of a second wave of coronavirus infections

15.06.2020 - Korneychuk Evgeniya
Oil drops on fears of a second wave of coronavirus infections

Oil prices dropped on Monday as several countries reported new cases of infections, raising concerns of a second wave amid a recovery in fuel demand.

Brent crude fell 2.4%, or 93 cents, at $37.80 per barrel. U.S. West Texas Intermediate crude lost 3.7%, or $1.33, at $34.93 per barrel. 

After almost two months without fresh cases, Beijing posted 79 new cases of coronavirus in the last four days. The United States reported 25,000 new cases on Saturday alone.

Meanwhile, Chinese industrial output only rose 4.4% year-on-year in May, suggesting a slow economic recovery. However, Chinese refineries rose 8.2% to 13.6 million bpd year-on-year.

A monitoring panel led by OPEC is set to meet on Thursday to assess the ongoing record production cuts. Major oil producer Iraq agreed with its oil companies to further output cuts in June. 

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 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 Market solutions 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 Market Solutions limited." 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?