U.S. COVID-19 Cases Rises Fast, Oil Dips – 1 July, 2020

Oil prices took a toll as the U.S. recorded its single biggest single day spike in positive coronavirus cases, causing some stated to shut down and reinforce lockdown measures. Brent crude futures dipped 0.1% or 6 cents to $41.97 per barrel having risen 1.8% the previous session. U.S. West Texas Intermediate crude shed 0.3% or 10 cents to $39.72 per barrel after rising 1.4% the previous session. States along the U.S. sunbelt have seen a dramatic increase in coronavirus cases primarily focused some of the biggest oil consumer states in the country such as Arizona, Florida, Texas, and California. A larger than expected increase in exports led to a growing gasoline stockpile, despite analysts expectations for a drop in inventories.