Oil dips as coronavirus fears offset gasoline recovery signs – ZAWYA

Oil dips as coronavirus fears offset gasoline recovery signs – ZAWYA

Oil dips as coronavirus fears offset gasoline recovery signs | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil dips as coronavirus fears offset gasoline recovery signs Mixed evidence on gasoline demand revival    Image used for illustrative purpose. Oil refinery with pipeline and distillation tower during sunset in Chonburi, Thailand.LONDON- Concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand on Thursday to keep a lid on oil prices.The market is also in a holding pattern ahead of a meeting on July 15 of the market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.Brent crude futures were down 9 cents, or 0.2%, to $43.20 by 1429 GMT, after gaining 0.5% on Wednesday, while U.S. West Texas Intermediate (WTI) crude futures slipped 31 cents, or 0.7%, to $40.59, after rising 0.7% the previous day.The market is also in a holding pattern ahead of a meeting on July 15 of the market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.LONDON- Concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand on Thursday to keep a lid on oil