empty
 
 

2020.07.0710:05:00UTC+00Oil Prices Decline On Demand Concerns

Oil prices fell over 1 percent on Tuesday amid concerns that record increases in new Covid-19 cases in some U.S. states will curb fuel demand in the world's biggest oil consuming country.

Benchmark Brent crude fell 48 cents, or 1.1 percent, to $42.62 a barrel, after hitting an intraday high of $43.19. U.S. West Texas Intermediate (WTI) crude futures were down 54 cents, or 1.3 percent, at $40.09 a barrel.

The United States is "still knee deep in the first wave" of the coronavirus outbreak, Anthony S. Fauci, the director of the National Institute of Allergy and Infectious Diseases, said as 16 U.S. states reported record increases in the new Covid-19 cases, in the first five days of July, according to a Reuters tally.

Florida is again closing its restaurants to indoor dining, gyms and other indoor venues just weeks after they reopened.

U.S. Federal Reserve official Raphael Bostic told the Financial Times in an interview that there are signs that the American recovery is "levelling off".

Investors await data from the American Petroleum Institute industry group later in the session for further direction. The U.S. Energy Information Administration will release its inventory report on Wednesday.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback