Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California reimposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand.
FILE PHOTO: A view shows railroad freight cars, including oil tanks, in Omsk, Russia May 1, 2020. REUTERS/Alexey Malgavko
California sharply rolled back efforts to reopen its economy on Wednesday, banning indoor restaurant dining in much of the state, closing bars and beefing up enforcement of social distancing and other measures as COVID-19 infections surged. Oil prices rose in the previous session after U.S. Energy Information Administration data showed U.S. crude inventories USOILC=ECI fell 7.2 million barrels from a record high last week, far more than analysts had expected, as refiners ramped up production and imports eased.
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