Oil benchmarks fell about 8% last week, their first weekly declines since April, as U.S. Coronavirus cases started increasing.
Over the weekend, more than 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations.
A cluster of infections in Beijing has increased concern of a resurgence of the disease. The coronavirus pandemic started at the end of last year in the Chinese city of Wuhan.
Once the global oil market emerges from the Coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC.
Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped for cash.