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Oil falls further amid growing alarm over coronavirus second wave

Published 09/09/2020, 04:09
Updated 09/09/2020, 04:12

TOKYO, Sept 9 (Reuters) - Oil futures fell further on
Wednesday after big declines the previous session with Brent
sliding below $40 a barrel for the first time since June as
COVID-19 cases rebounded in several countries.
The biggest global health crisis in a century continues to
flare unabated with cases rising in India, Great Britain, Spain
and several parts of the United States, where the infection rate
has not come under control for months.
The outbreak is threatening hopes for a global economic
recovery that could impact demand for fuels from aviation gas to
diesel.
Brent crude LCOc1 was down 16 cents, or 0.4%, at $39.62 a
barrel by 0241 GMT after declining more than 5% on Tuesday.
U.S. crude CLc1 was down 24 cents, or 0.7%, at $36.52 a
barrel, having fallen nearly 8% in the previous session.
"Stalling demand has been a concern for most in the market
for a while (and) it is becoming more evident," ING Economics
said in a note.
Record supply cuts by the Organization of the Petroleum
Exporting Countries and allies, known as OPEC+ have helped
support prices, but with grim economic figures being reported
almost daily, the outlook for demand for oil remains bleak.
China's factory gate prices fell for the seventh straight
month in August although at the slowest annual pace since March,
suggesting industries in the world's second-biggest economy
continued their recovery from the coronavirus-induced downturn.

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