The Energy Bulletin Weekly – 29 June 2020
Oil posted its second weekly loss for the month as a surge in US coronavirus cases casts doubts on the market’s prospects for recovery. New York futures closed at $38 and London at $41 on Friday. The price slump comes just days after NY oil closed above $40 for the first time since early March and following a run of weekly gains that lifted oil from its historic plunge below zero in April. For the immediate future, the pandemic course seems to be in control of the oil markets. If the increasing number of cases continues to swamp medical facilities, it is likely the renewed shutdowns will lower demand again.