The Energy Bulletin Weekly – 13 July 2020
The resurgence of coronavirus cases in parts of the world is “casting a shadow” over the oil market’s nascent recovery, the International Energy Agency warned last week. “In some countries, the accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control. The risk to our market outlook is almost certainly to the downside.” Oil prices fell on Thursday on an unexpected increase in US stocks, but then rebounded on Friday as Gilead Sciences Inc. said its remdesivir treatment cut Covid-19 mortality risk by 62 percent. The markets closed down a bit on Friday with NY futures at $40.55 and London at $43.24.