The crude market extended losses overnight as a surge in U.S. Coronavirus cases this week raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s biggest consumer of crude and fuel.
Traders are concerned about signs that Coronavirus cases in the U.S. are continuing to rise and topped the 2 million mark just as businesses are resuming activity.
The global case tally for the Coronavirus that causes COVID-19 climbed to 7.39 million on Thursday, according to data aggregated by Johns Hopkins University.
A rebound in gasoline demand in China and the U.S. will help drive total global oil demand back to 95% of pre-pandemic levels by the end of 2020.