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June 26, 2020

Oil set for second weekly loss since April as US Covid-19 cases soar

Oil is set for the second weekly decline since April, as US Covid-19 cases cloud demand outlook, Bloomberg reports.

By Yoana Cholteeva

Oil is set for the second weekly decline since April, as US Covid-19 cases cloud demand outlook, Bloomberg reports.

The US is witnessing a record number of new Covid-19 cases, with a wave across the Sun Belt impeding prospects for an oil-demand recovery.

Futures in New York rose to nearly $39 a barrel on Friday, 26 June, but are down about 1.6% for the week. Centre of the American oil industry, Texas stopped its reopening as virus cases soared and Houston’s intensive care wards reached capacity.

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