Oil slides as coronavirus infections pass 10 million mark – The National

Oil slides as coronavirus infections pass 10 million mark – The National

US states such as Texas reimpose lockdowns as cases rise above 2.5 million across the country

















A natural gas rig operated by Chesapeake is picture in Pennsylvania. The company became the latest casualty from the demand crunch caused by the coronavirus pandemic after it filed for bankruptcy on Sunday. REUTERS







Oil continued the slide experienced at the end of last week as markets showed concern about a renewed dampening of demand after novel coronavirus cases moved past 10 million globally.



Brent, the most widely traded crude commodity benchmark, was down 1.73 per cent at $40.31 per barrel at 12.56pm UAE time, while West Texas Intermediate, which tracks US crude grades, was down 1.35 per cent at $37.97 per barrel.





The benchmarks slid as the US, the world's largest economy, reported a surge in Covid-19 cases, with the total number of infections rising to over 2.5 million.



The growing number of new infections in the US has prompted states such as Texas to reimpose lockdowns to contain the spread.



Apart from the US, China, where the virus originated, also imposed restrictions in the capital, Beijing. Tokyo also registered its highest