Oil falls $1/bbl as resurgent pandemic prompts worries about U.S. demand - Reuters

Oil falls $1/bbl as resurgent pandemic prompts worries about U.S. demand - Reuters:

Oil prices fell about $1 a barrel on Thursday as investors worried that renewed lockdowns to contain the spread of coronavirus in the United States would again sink fuel consumption.

Brent crude LCOc1 futures fell 94 cents, or 2.2%, to settle at $42.35 a barrel, after gaining 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.28, or 3.1%, to settle at $39.62 a barrel.

“As the U.S., Brazil and other countries continue to get hammered by COVID-19, demand is at stake,” said Louise Dickson, oil markets analyst at Rystad Energy.

The United States reported more than 60,000 new COVID-19 cases on Wednesday, the biggest increase reported by a country in a single day. Coronavirus cases have been on the rise in 42 of the 50 U.S. states over the past two weeks, according to a Reuters analysis.