Oil Mostly Stable With Growing Concerns Over COVID -19 Surges – 16 July, 2020

Uncertainty over the future of the oil industry and concerns about global recovery have left oil prices almost unchanged. Brent crude futures were stable at $43.37 per barrel, while U.S. West Texas Intermediate crude futures were up 1 cent to $40.76 per barrel. COVID-19 cases have risen around the world, with the U.S. reporting a new daily record of 75,000 new cases. OPEC and their allies have stated that the spread of the virus haas cut demand by 11 million barrels per day, with the organization already cutting supply by 9.7 million barrels per day to level out with lower global demand. Some of the most populated states in the U.S. such as California, Texas, and Florida have seen a dramatic increase in coronavirus cases, which all together account for more than 1/4 of gasoline consumption in the country.