Oil markets slipped Friday as the resurgence of Covid-19 cases, particularly in the U.S., the largest consumer in the world, threatened the recovery of crude demand.
At 7:30 AM ET (11:30 GMT), U.S. crude futures traded 1.2% lower at $40.15 a barrel. The international benchmark Brent contract rose 1.3% to $42.58.
The U.S. has recorded around a quarter of the almost 11 million cases worldwide, according to data from Johns Hopkins University, and the number is growing rapidly.
The U.S. registered over 50,000 news cases Thursday, for the second day in a row, with record numbers of new infections in both Florida and Texas. Many states have decided to delay and in some cases reverse plans to let stores reopen and activities resume, threatening to derail the nascent recovery in demand for crude.
Source : Investing
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