Middle East News 247

Oil falls again with virus resurgence casting doubt on demand

Oil falls again with virus resurgence

Oil extended declines after swelling US crude stockpiles and a surge in coronavirus cases across the nation raised concerns about demand in the world’s largest economy.

Futures in New York slipped 0.6 per cent to below $38 a barrel, after the biggest fall in almost two weeks on Wednesday. New infections reached daily records in Florida, California and Texas, where the governor said a “massive outbreak” is sweeping the state.

US gasoline futures tumbled the most in two months amid fears that lockdowns may need to be re-imposed.

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