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July 2, 2020

Oil prices fall amid demand recovery fears as US Covid-19 cases surge

Oil prices have inched lower after the US recorded its biggest one-day surge in Covid-19 cases adding concerns that the resurgence in cases would stall fuel demand recovery.

By Himaja Ganta

Oil prices have inched lower after the US recorded its biggest one-day surge in Covid-19 cases adding concerns that the resurgence in cases would stall fuel demand recovery.

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Brent crude eased $0.06 or 0.1% to touch $41.97 a barrel, while US West Texas Intermediate (WTI) crude futures were down $0.10 or 0.3% to $39.72 per barrel, Reuters reported.

Meanwhile, California reimposed some lockdown measures, banning much of the indoor restaurant dining, closing bars and enforcing strict measures of social distancing as Covid-19 infections surged in the state.

According to a Reuters tally, new Covid-19 cases in the US rose by about 50,000 on 1 July.

This is the biggest one-day surge since the start of the outbreak in the country.

More than half of the new Covid-19 cases each day are reported in the US states of Arizona, California, Florida and Texas.

Oil prices increased in the earlier session after industry group US Energy Information Administration (EIA) reported a 7.2 million barrels decline in the US crude inventories from a record high last week that ended on 26 June.

AxiCorp strategist Stephen Innes was quoted by the news agency as saying: “Counter-seasonal builds in gasoline inventories as stockpiles unexpectedly rose are not precisely a bullish delight.

“The EIA data showed that gasoline imports hit the highest level since last August and peaked the most on a seasonal basis in nine years.”

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COVID-19 has already affected our lives forever. The way we work, shop, eat, seek medical advice, and socialize will all be different in the future. Quite how different remains to be seen, but all industries must plan for multiple eventualities. Are you interested in actionable insights on the business challenges induced by the pandemic? GlobalData's cross-sector report analyzes the significance of this major disruptive theme across industry verticals. It provides side-by-side research of alternative datasets to present you with unique quantitative analysis of the effects of COVID-19 and how these differ across sectors. Additionally, it offers qualitative analysis of each sector and analyzes COVID-19’s impact on leading companies. Whatever your company’s imminent strategic plans, the long-lasting impact of COVID-19 must not be overlooked. Find out how to futureproof your business operations – download our report today.
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