Oil Prices Edge Lower amid Concerns Over a Resurgence of Coronavirus Cases

Oil prices edged lower on Wednesday amid concerns over the resurgence of Covid-19 cases, especially in the United States, sparking demand fears.

 

U.S. West Texas Intermediate (WTI) Futures fell $0.12/bbl or 0.27% to $40.51/bbl. Meanwhile, Global benchmark Brent Futures dropped $0.05/bb or 0.12% to $43.01/bbl. 

 

Sixteen U.S. states have reported record increases in new Covid-19 cases in the first five days of July, according to a Reuters tally. Meantime, other parts of the world, such as Australia, have also been hit by a resurgence in new infections.