Oil prices drop as rising U.S. coronavirus cases stoke fears of weak fuel demand

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Oil prices fell on Monday, with U.S. oil dropping more than 2%, as a spike in new coronavirus cases in the United States raised concerns over a second wave of the virus which would weigh on the pace of fuel demand recovery.

Brent crude futures fell 66 cents, or 1.7%, at $38.07 a barrel as of 0016 GMT, while U.S. West Texas Intermediate crude futures fell 81 cents, or 2.2%, to $35.45 a barrel.

“Concerns about the recent uptick in COVID-19 infections in the U.S. and a potential ‘second wave’ are weighing on oil at the moment,” said Stephen Innes, chief global market strategist at AxiCorp.

 

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BetoMendeleiev WTI is the new VIX 🙌🏻📉

Don't charge us for your inability to manage your financials.

Coronavirus is a hoax. If you can’t see that you’re a buffoon.

Back to negative pricing. Good for China.

Don’t even think about asking us for a bail out, oil companies

Buy if you like money

Oh yes

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