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Oil declines as U.S. virus cases hit record, heading for weekly fall

CommoditiesJul 10, 2020 03:55AM ET
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© Reuters. FILE PHOTO: Pump jacks operate at sunset in Midland

TOKYO (Reuters) - Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere could suppress fuel demand.

Brent crude (LCOc1) was down by 73 cents, or 1.7%, at $41.62 a barrel by 0712 GMT after falling more than 2% on Thursday. U.S. oil (CLc1) fell 83 cents, or 2.1%, at $38.79 a barrel after a drop of 3% in the previous session.

Brent looks set for a weekly decline of nearly 3% and U.S. crude for a fall of around 4.5%. Trading was quiet with Singapore on holiday for an election.

While many analysts are expecting economies and fuel demand to bounce back from the pandemic, record daily increases in coronavirus infections in the United States, the world's biggest oil consumer, raised concerns about the pace of any recovery.

"We may need evidence that the U.S. has brought Covid-19 under control ... to spark a sustained rally beyond the present wider ranges," said Jeffrey Halley, senior market analyst at OANDA.

More than 60,500 new COVID-19 cases were reported in the United States on Thursday, setting a daily record, with Americans being told to take new precautions. The tally was also the highest daily count yet for any country since the pathogen emerged in China late last year.

In Australia, the government on Friday will consider reducing the number of citizens allowed to return to the country from overseas, after authorities ordered a new lockdown of the country's second-most populous city, Melbourne.

Oil inventories remain bloated due to the evaporation of demand for gasoline, diesel and other fuels during the initial outbreak.

U.S. crude oil inventories rose by nearly 6 million barrels last week after analysts had forecast a decline of just over half that figure. [EIA/S]

Oil declines as U.S. virus cases hit record, heading for weekly fall
 

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Comments (7)
Jordalf Labrador
Jordalf Labrador Jul 10, 2020 1:40AM ET
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looks like the stock market went down again..... on DOW
ADX Line
ADX Line Jul 10, 2020 1:27AM ET
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Virus death rate (according to CDC) around 1 half of 1 percent. Another lockdown for U.S. will be mass starvation. Starvation death rate 100%. Lockdown lovers go ahead and hope for another one but if you get it understand U.S. has no money for more stimulus checks and unemployment with kickers. Bankruptcy will pile up more. Evictions, homelessness, foreclosures and banking system failures will follow. Lockdown lovers where will the money come from? You lockdown lovers don't like to say it but lockdowns cost a massive amount. 6 trillion on the last one. What 6 trillion does the U.S. have for another one? The supply chains almost broke last time, they will break on a second lockdown. No food. You lockdown lovers with your stay at home jobs may very well get what you ask for and you will hate you ever wanted it. Again the death rate of starvation is 100%. Think about it lockdown lovers.
James Holmgren
James Holmgren Jul 10, 2020 1:27AM ET
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And all you've claimed will happen if there's no lock down. Unbridled covid will see to that. Totally open markets will feed this virus first.
Michael Angelo
Michael Angelo Jul 10, 2020 12:44AM ET
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Wait until casualties crois 1k a day. There will see what Fauci have to say. Is just a puppet from the chipmunk.
Thy Hoang
Thy Hoang Jul 09, 2020 11:02PM ET
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the same story has been posted for a week now. have nothing else good to say. oil will rebound strong soon.
Calvin Sky
Calvin Sky Jul 09, 2020 11:02PM ET
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doubted ! maybe in 2 months
Lake Lot
Lake Lot Jul 09, 2020 10:50PM ET
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Gas tax for bike lanes and peds . Waste
Bull Horns
Bull Horns Jul 09, 2020 10:22PM ET
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COVID infections have nothing to do with oil unless there is another lockdowm. Rather than panic snd guess, who dont investors look at what the governors of hotspot states are saying: THERE WONT BE ANY MORE LOVKDOWNS.
AgusDemoTrader Ludyanto
AgusDemoTrader Ludyanto Jul 09, 2020 10:22PM ET
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Exactly, which means expect another lockdown
Craig Garrett
Craig Garrett Jul 09, 2020 10:22PM ET
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The governors of hotspot areas don't understand the words "exponential growth". Once those two words are fully in effect in the real world, it changes people's minds really ******fast.
ADX Line
ADX Line Jul 09, 2020 10:22PM ET
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Craig Garrett With what money? Bottom line is that things cost. Lockdowns cost more then anything. What money do states have to go without even more tax revenue? Unemployment kicker is ending. It was one thing for people to stay home when they were being given a stimulus check and unemployment with an extra 600 a week kicker. People are not going to stay home if they are not paid to do it. Evictions are about to be allowed again. You expect people to sit at home without stimulus pay or unemployment pay and get evicted? How about food? It would be worse if imposed again. Look people want to eat, have a home and have money. People will freak out more about starving and being homeless then "exponential growth". First lockdown between the FED and stimulus cost 6 trillion, 40 million unemployed, suicides, overdoses, child abuse, depressions etc etc etc. The price was massive in total. To do another lockdown you must think congress will approve to go into deficit another 6 trillion and Trump to sign that?
ADX Line
ADX Line Jul 09, 2020 10:22PM ET
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Craig Garrett Starvation, an even more powerful word. Lockdown one more time and there will be mass starvation. You are a governor and you have a choice to tell people they can choose "starvation and homelessness" or they can choose "exponential growth". The virus is very bad. It is a terrible thing, the lockdowns are worse. Exponential growth may grab some peoples attention but no where close to the word starvation.
Robert Hackel
Robert Hackel Jul 09, 2020 10:22PM ET
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Well itll delay air travel even more. UAL and AAL just cancelled their plans to fly to Hong Kong in august since HK wants to test pilots after new infections showed up. Tokyo has new clusters so travel wont come back etc.
BiG DaDDy CK
BiG DaDDy CK Jul 09, 2020 9:26PM ET
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Funny, we’re still paying $2.15 a gallon....THAT’s HOGWASH
Buy and Hold
Buy and Hold Jul 09, 2020 9:26PM ET
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Tax
Lake Lot
Lake Lot Jul 09, 2020 9:26PM ET
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Gas tax to pay for bike lanes and peds.
 
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