Coronavirus Unknowns Leave Oil Prices To Fall – 6 August, 2020

Oil dipped for a second session on growing concerns over the future of demand as the coronavirus continues to ravage countries and Washington cant seem to come to an agreement over plans for the next stimulus deal. U.S. West Texas intermediate crude futures fell 2 cents to $41.93 per barrel. International Brent crude dropped 6 cents, 0.1% to $45.03 per barrel. Despite this, both are on track for a weekly gain of 4%. The rebound of the oil market will depend heavily on the ability to control the coronavirus, a task that has proven almost impossible for so many countries. Crude has been more attractive to buyers for the last few days as the U.S. dollar has weakened, helping to support higher oil prices.