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Oil Prices Fall On Demand Worries

Oil Prices Fall On Demand Worries

Oil prices fell on Friday but remained on track for a weekly gain amid hopes of a V-shaped recovery in the world’s largest economy after data showed a rebound in the U.S. job market accelerated in early June.

Benchmark Brent crude fell 1.7 percent $42.39 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 1.8 percent at $39.92.

Oil prices declined today on worries over demand recovery as coronavirus continues to spread.

The United States notched more than 53,000 new Covid-19 cases in 24 hours Thursday, marking a record single-jump in infections around the country.

Florida reported that infections and hospitalizations jumped the most yet, while Houston had a surge in intensive-care patients.

Oil prices still headed for a weekly gain amid signs of economic recovery and a drop in supply after a record supply cut by the Organization of the Petroleum Exporting Countries and allies.

The material has been provided by InstaForex Company – www.instaforex.com