Oil prices fall as new virus cases weigh on demand recovery

03.07.2020 - Kulakov Vladimir
Oil prices fall as new virus cases weigh on demand recovery

Oil prices fell on Friday, losing earlier gains, as the surge of new coronavirus cases in the United States raised concerns about fuel demand recovery. 

Brent crude futures lost 0.7%, or 29 cents, at $42.85 per barrel. U.S. West Texas Intermediate crude futures were down 0.8%, or 31 cents, at $40.34 per barrel. 

Both benchmarks gained over 2% on Thursday, supported by an upbeat U.S. jobs data and a decline in U.S. crude stockpiles. Brent is up 4.4%, while WTI is up 4.8% this week.

New coronavirus cases in the United States rose over 50,000 on Thursday, hitting a record rise for the third straight day. 

Analysts say that restrictions to be reimposed once cases continue to surge could greatly affect crude oil prices.

Meanwhile, investors are closely watching gasoline demand as the U.S. July 4 holiday approaches, when Americans are expected to travel.

U.S. gasoline stocks rose by 1.2 million barrels in the week ended June 26. 

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?