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Oil drops as coronavirus resurgence threatens recovery

20.07.2020 11:00:27
138542

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.

Latest News

31.07.2020 14:00:27

Dollar sees record slump as U.S. recovery hopes lose steam

The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...

31.07.2020 14:00:27

Oil prices rebounds from record lows amid looming headwinds from the pandemic

Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...

31.07.2020 11:00:29

Japan’s factory output recovers, unemployment rate drops on lockdown easing

June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...

30.07.2020 14:00:26

The U.S. GDP suffers a historic plunge in the second quarter due to the coronavirus pandemic

On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...

30.07.2020 11:00:25

Oil falls as virus fears weigh on demand recovery

Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...

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