Reopening of economies around the world increases demand as concerns over Covid-19 infections rise
Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris, France. Picture: REUTERS/CHRISTIAN HARTMANN
Brent crude settled at $43.10 a barrel, up 30c. US West Texas Intermediate crude settled at $40.63 a barrel, down 2c. In the first five days of July, 16 states reported record increases in new cases of Covid-19, which has infected nearly 3-million Americans and killed more than 130,000, according to a Reuters tally.
German data, however, showed that the recovery from the Covid-19 lockdown will be slow and painful. Germany’s industrial orders rebounded moderately in May and a fifth of firms in Europe’s biggest economy said in a survey published on Monday they feared insolvency.
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