Reuters: Oil falls as virus resurgence fears weigh on fuel demand recovery

09:00, 03 July 2020
Economy
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REUTERS

Brent crude LCOc1 futures were down 29 cents, or 0.7%, at $42.85 a barrel as of 0339 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 31 cents, or 0.8%, to $40.34 a barrel, as reported by Reuters.

Read alsoReuters: Oil prices slip on demand fears as U.S. virus cases surge

Both benchmarks rose more than 2% on Thursday, buoyed by stronger-than-expected U.S. jobs data and a fall in U.S. crude inventories. For the week, Brent is up 4.4% and WTI is up 4.8%.

Increases in the daily cases of the coronavirus, however, globally and in the United States pressured prices. New U.S. COVID-19 cases rose by more than 50,000 on Thursday, setting a record for a third consecutive day, according to a Reuters tally.

Gasoline demand will be closely watched as the United States heads into its July 4 holiday weekend when many Americans are expected to hit the road.

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