Oil prices fell around 1% on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that a recovery in fuel demand could stall, even as lockdowns ease.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
U.S. West Texas Intermediate crude CLc1 futures dropped 1.4%, or 52 cents, to $37.44 a barrel, adding to a loss of 42 cents on Wednesday. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and shut schools and several U.S. states, including Texas, Florida and California, reported sharp increases in new cases.
“People are concerned about the coronavirus resurging in China and crude stockpiles rising,” said Lachlan Shaw, head of commodity research at National Australia Bank.
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