Oil falls over 1% in thinned holiday trading

Friday, 03. July 2020 08:11

Oil prices dropped over 1% on Friday on the back of rising coronavirus cases worldwide, stoking demand fears ahead of Fourth of July.

The number of people who were infected with the virus is close to 11 million, while the United States, the largest crude consumer in the world, has been experiencing a surge in new cases in the states of Florida, California and Texas. Both crude benchmarks gained over 2% on Thursday, propped up by falling US inventories and better-than-expected jobs data.

West Texas Intermediate for August delivery was down 1.21% to $40.16 per barrel at 1:40 am ET. Brent futures for September settlements lost 1.11% to $42.66 per barrel at 2:00 am ET.

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