Oil Drops as COVID-19 Cases Spike Dampens Demand….LIVE NEWS UPDATE BY ROYAL TRADERS

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Oil was down on Friday morning in Asia on the back of a resurgence of COVID-19 globally. Spikes recorded in 37 states further hindered fuel demand recovery in the U.S., the world’s largest oil consumer.

Brent oil futures dropped 0.58% to $42.89 by 11:04 PM ET (3:05 AM GMT) and WTI futures also slid 0.59% to $40.41.

During the previous session on Thursday, both indexes rose by over 2% on the back of optimistic U.S. jobs data. Non-farm payrolls surged to 4.8 million in June, compared to the predicted 3 million in analyst forecasts prepared by Investing.com and May’s figure of 2.699 million.

Meanwhile, the number of U.S. cases soared to a record 55,000 cases on July 3, pressuring oil prices.

ANZ Research warned in a note, “The market has become increasingly confident that easing restrictions on travel and business would boost demand for crude oil, but the pandemic’s progress threatens to derail this recovery.” 

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