Oil Falls on Growing Chorus of Warnings About Demand Recovery
- Crude falls to two-week low, with Brent breaching key level
- U.S. crude and distillate supplies declined last week: API
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Oil plunged to its lowest in two weeks on growing fears that a sustained recovery in demand is still some way off.
U.S. benchmark crude futures fell 3.2%. Brent dropped below its 100-day moving average, while futures in New York fell below the technical level but settled above it. New York City’s daily rate of positive Covid-19 tests is more than 3% for the first time in months, and more serious action will be needed to stop the spread, Mayor Bill de Blasio said. That’s as global confirmed deaths from the coronavirus top 1 million.