Oil On Track For Weekly Decline – 9 July, 2020

Oil prices faced a steep decline this week as renewed lockdowns have been put in place and cases of COVID-19 grow rapidly, causing a fear that demand will drop. Brent crude, on track for a 2% weekly decline, shed 0.6% or 25 cents to $42.10 per barrel. U.S. oil dropped 0.8% or 33 cents to $39.29 per barrel and is on track for a 3% weekly decline. Analysts had expected the market to bounce back after the signs pointed in that direction as cities reopened, however with the U.S. setting new infection records, new precautions are in place across the country. U.S. inventories were up nearly 6 million barrels last week.