Crude falls nearly 4% on COVID-19 second wave fears
Prices of oil lost close to 4% on Friday as several countries recorded growth in coronavirus infections, fueling fears over a potential second wave of the pandemic. India registered a record high of nearly 11,000 daily COVID-19 cases, Brazil topped 40,000 deaths caused by the infection, while several states in the United States saw a climb in new coronavirus cases.
Investors’ worries about an oil oversupply increased after the US Energy Information Administration said that the country’s crude stockpiles unexpectedly surged by 5.7 million last week.
Brent for August delivery dropped 3.42% to go for $37.23 per barrel at 3:01 am ET, while West Texas Intermediate (WTI) for settlements in July sank 3.63% a minute later, trading at $35.02 per barrel.
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