Oil prices drop on demand recovery fears amid U.S. virus surge – ZAWYA

Oil prices drop on demand recovery fears amid U.S. virus surge – ZAWYA

Oil prices drop on demand recovery fears amid U.S. virus surge | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil prices drop on demand recovery fears amid U.S. virus surge With the California soft lockdown now framing the picture, July could be an even more challenging month for oil    Oil and gas industry - refinery factory - petrochemical plant at sunset. Image used for illustrative purpose. MELBOURNE: Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand.U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 84 cents, or 2.1%, to $39.26 a barrel at 0138 GMT, while Brent crude LCOc1 futures fell 77 cents, or 1.8% to $41.95 a barrel.Both benchmark contracts lost just over 1% on Monday.U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 84 cents, or 2.1%, to $39.26 a barrel at 0138 GMT, while Brent crude LCOc1 futures fell 77 cents, or 1.8% to $41.95 a barrel.MELBOURNE: Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other