COMMODITY
Crude oil futures settle lower as coronavirus concerns swirl
Jul-10-2020

Crude oil futures ended sharply lower on Thursday as traders contended with rising cases of coronavirus in the US and some other countries that may threaten to unsettle demand for crude. With Covid-19 cases on the rise in 42 states across the United States, investors fear that re-imposition of lockdown measures will hold back any sustained recovery in fuel demand. The United States reported more than 60,000 new Covid-19 cases on Wednesday, the biggest increase ever reported by a country in a single day. Also contributing to oil's weakness was the report that Libya is likely to resume exports after the state oil firm lifted force majeure at its Es Sider oil terminal on Wednesday.

Crude oil futures for August dropped $1.28 or 3.1 percent to settle at $39.62 a barrel on the New York Mercantile Exchange. September Brent crude fell 94 cents or 2.2 percent to settle at $42.35 a barrel on London's Intercontinental Exchange.

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