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Oil Prices Drop Amidst Demand Concerns

Oil traded lower on Tuesday, with WTI futures around $40.3 a barrel and Brent crude near $42.8 a barrel, as a spike in coronavirus cases worldwide raised worries that fuel demand is likely to remain subdued.

In the US, the epicenter of the disease, the number of infections rose by more than 44 thousand to a total of 2.936 million.

According to Reuters, 16 US states reported record increases in new infections in the first five days of July, with Florida confirming a record 11,000 cases in a single day, more than any European country reported in one day at the height of the crisis.

Investors await official API data to be released later in the day and EIA figures to be released on Wednesday.

Prices Drop Amidst Demand Concerns

Oil traded lower on Tuesday, with WTI futures around $40.3 a barrel and Brent crude near $42.8 a barrel, as a spike in coronavirus cases worldwide raised worries that fuel demand is likely to remain subdued.

In the US, the epicenter of the disease, the number of infections rose by more than 44 thousand to a total of 2.936 million.

According to Reuters, 16 US states reported record increases in new infections in the first five days of July, with Florida confirming a record 11,000 cases in a single day, more than any European country reported in one day at the height of the crisis.

Investors await official API data to be released later in the day and EIA figures to be released on Wednesday.

About Babajide Iletogun

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