Oil prices drop on demand recovery fears amid US virus surge
US West Texas Intermediate 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.California’s governor on Monday ordered bars to shut and restaurants, movie theatres, zoos and museums in the country’s most populous state to cease indoor operations as coronavirus cases and hospitalizations soared.
California’s moves follow the recent reinstatement of some restrictions in other states, such as Florida and Texas. The market will be closely watching data on fuel consumption due later on Tuesday from the American Petroleum Institute industry group and on Wednesday from the U.S. Energy Information Administration.
With fuel demand growth hampered, the market will also be eyeing the next move from the Organization of Petroleum Exporting Countries and its allies, together known as OPEC+, whose market monitoring panel is set to meet on Tuesday and Wednesday.
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