Commodity News
HeadLine : Oil falls as worsening pandemic threatens recovery
Date : Jul 20 2020
Oil prices dipped on Monday, weighed down by the prospect that a rise in the pace of coronavirus infections could derail a recovery in fuel demand. Brent crude was down 10 cents, or 0.2%, at $43.04 a barrel, after dropping slightly last week. U.S. oil was off by 6 cents, or 0.2%, at $40.53 a barrel, after gaining 4 cents last week. While fuel demand has recovered from a 30% drop in April after countries around the world imposed strict lockdowns, usage is still below pre-pandemic levels. U.S. retail gasoline demand is falling again as infections rise. Japan’s oil imports fell 14.7 percent in June from the same month a year earlier, official figures showed on Monday. The drop was not as pronounced as in May when they fell 25%, year on year. Still, exports from the world’s third-largest economy slumped by a double-digit decline for the fourth month in a row as the coronavirus pandemic took a heavy toll on global demand. In the U.S., energy drillers cut the number of oil and natural gas rigs operating to a record for an 11th week in a row, data showed on Friday.

Source : Reuters
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