Tue, 04 Aug 2020

Oil prices fall amid coronavirus risks

Xinhua
14 Jul 2020, 06:30 GMT+10

NEW YORK, July 13 (Xinhua) -- Oil prices declined on Monday as coronavirus uncertainty lingered, weighing on the market.

The West Texas Intermediate (WTI) for August delivery lost 45 cents to settle at 40.10 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery was down 52 cents to close at 42.72 dollars a barrel on the London ICE Futures Exchange.

In its closely-watched monthly report published on Friday, the International Energy Agency (IEA) emphasized the risks to demand posed by high numbers of new COVID-19 cases.

"The strong growth of new Covid-19 cases that has seen the re-imposition of lockdowns in some regions, including North and Latin America, is casting a shadow over the outlook," said the IEA.

Meanwhile, the monthly report contained some encouraging aspects as the agency revised up its 2020 demand forecast to 92.1 million barrels per day, citing a smaller-than-expected decline in the second quarter. The IEA noted that "demand rebounded strongly in China and India in May."

For the week ending Friday, WTI declined 0.3 percent, while Brent booked a weekly increase of 1 percent.

Sign up for Houston News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!