Oil Recovers Slightly Despite COVID-19 Cases Increase – 24 June, 2020

Oil prices extended previous session gains on hopes of increased global demand despite a massive surge in U.S. coronavirus cases. U.S. West Texas Intermediate crude was up 1.1% or 42 cents to $39.14 per barrel, while international Brent crude also rose 1.1% or 47 cents to $41.52, both on track for a minor drop for the week. Satellite data showing an increase in movement in countries like the U.S. and China show the demand for the commodity growing despite rising COVID-19 cases. Investors have been keeping a close eye on oil as coronavirus cases continue to rise at an alarming state in southern U.S. states.