BUSINESS Oil prices drop amid demand fears

BUSINESS

Oil prices drop amid demand fears

Xinhua

06:54, July 29, 2020

NEW YORK, July 28 (Xinhua) -- Oil prices declined on Tuesday as rising coronavirus infections stoked fears over weaker crude demand.

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File photo: CGTN

The West Texas Intermediate (WTI) for September delivery fell 56 cents to settle at 41.04 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery lost 19 cents to close at 43.22 dollars a barrel on the London ICE Futures Exchange.

Traders continue to fret over the outlook for energy demand amid soaring U.S. coronavirus cases, experts noted.

More than 4.3 million confirmed COVID-19 cases have been reported in the United States, with over 148,000 deaths, as of Tuesday afternoon, according to a tally by Johns Hopkins University.

Crude prices were also under pressure as the U.S. dollar steadied. There is normally a reverse correlation between the foreign exchange value of the U.S. dollar and oil prices.

The dollar index, which measures the greenback against six major peers, rose 0.02 percent at 93.6955 in late trading on Tuesday. Enditem

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