Oil prices slid early on Friday, extending heavy overnight losses on a surge in U.S. coronavirus cases this week that has raised the prospect of a ...
Oil prices slid early on Friday, extending heavy overnight losses on a surge in U.S. coronavirus cases this week that has raised the prospect of a second wave of the outbreak slamming demand in the world's biggest consumer of crude and fuel.
West Texas Intermediate was down US$1.32, or nearly 4per cent, at US$35.02 a barrel by 0011 GMT, after slumping more than 8per cent on Thursday. Brent crude was down US$1.15, or 3per cent, at US$37.40 a barrel, having dropped nearly 8per cent the previous session.A rally off April's lows has come to a shuddering halt this week as the market faced the reality that the coronavirus pandemic may be far from over globally, with cases in the United States alone passing 2 million this week.
"A sustainable rally needs to include improving gasoline demand, reducing inventories, increasing product margins to the point where refiners kickstart runs," RBC Capital Markets said, noting that"U.S. driving patterns are far from normal." In the meantime, states including Texas and Arizona are struggling to cope with a rising number of coronavirus patients filling hospital beds.
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