Brent Crude Falls At $43.04 A Barrel Despite Gain Last Week

As the worsening coronavirus pandemic threatens recovery, brent crude fell 10 cents or 0.2%, at $43.04 a barrel on the first day of the business week.
According to the details, the oil dropped this week, after gaining 4 cents last week 0.2%, at $40.53 a barrel.
The prospect that a rise in the spike of coronavirus infections could derail a recovery in fuel demand, dipped the prices of oil on Monday.
Global Markets Strategists are of the view that “With global daily COVID-19 case counts still rising and the U.S. Sunbelt most populous states showing little success in bending and containing the (epidemic’s) curve, concerns about the post-COVID recovery pace are limiting the upside for oil,”
In addition to this, Japan’s oil imports dipped to 14.7 percent in June from the same month a year earlier.
The drop was not as pronounced as in May when they fell 25%, year on year.
#AhmedShameel

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