Oil prices fell around 2per cent in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand.
U.S. West Texas Intermediate crude futures slid 84 cents, or 2.1per cent, to US$39.26 a barrel at 0138 GMT, while Brent crude futures fell 77 cents, or 1.8per cent to US$41.95 a barrel.California's governor on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums in the country's most populous state to cease indoor operations as coronavirus cases and hospitalizations soared.
California's moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas."With the California soft lockdown now framing the picture, July could be an even more challenging month for oil than expected with even more demand woes emanating from coronavirus-linked uncertainty," AxiCorp market strategist Stephen Innes, market strategist said in a note.
Analysts estimate U.S. gasoline stockpiles fell by 900,000 barrels and crude oil inventories fell by 2.3 million barrels in the week to July 10, a preliminary Reuters poll showed.
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