The Energy Bulletin Weekly – 20 July 2020
Oil prices edged lower on Friday as concerns increased about the surge in coronavirus cases sapping fuel demand while major crude-producing nations report sharp increases in output. The US reported at least 75,000 new COVID-19 cases on Thursday, a daily record. Spain and Australia reported their steepest daily jumps in more than two months, while cases continued to soar in India and Brazil. Consumption remains below pre-pandemic levels and fuel purchases are falling again as infections rise. Brent crude futures settled at $43.08, and West Texas Intermediate settled at $40.54. Both contracts were little changed from a week earlier.