Oil prices are moving down for a second day on concerning COVID data both from the US and Asia. The US saw number of new daily cases rise above 60k for second straight day and there’s also a spike in cases in Tokyo and Australia. Investors are afraid that this will have some restrictions reimposed and that would affect oil demand. OIL.WTI was consolidating just above $40 after an impressive rally but is now moving clearly lower.
BREAKING: OIL gain extends to 3.5% 📈Chinese state companies stop Russian oil purchases
⏫ Oil Gains 2% on Russia sanctions
Daily wrap – US Export Restrictions on China and Weaker Earnings Trigger Wall Street Correction
🛢️WTI Crude Rises Over 2%