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Oil prices extend losses as coronavirus spike cools demand hopes

From reuters.com

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand.Brent crude LCOc1 dropped 81 cents, or 2%, to $40.21 a barrel by 0653 GMT, while U.S. crude CLc1 was at $37.74, down 75 cents, or 2%. Brent crude is set to end June with a third consecutive monthly gain after major global producers extended an unprecedented 9.7 million barrels per day supply cut agreement into July, while oil demand improved after countries across the globe eased lockdown measures. However, global ... (full story)

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  • Category: Fundamental Analysis