Oil at Lowest in Months as New Virus Cases Hurt Recovery Hopes
- U.S. economy expands at record pace after pandemic plunge
- WTI falls to lowest since June, and Brent hits 5-month low
Mobile offshore drilling units stand in the Port of Cromarty Firth in Cromarty, U.K., on Tuesday, June 23, 2020.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Oil futures fell to multi-month lows as record growth in coronavirus cases in the U.S. and Europe raised the specter of more demand destruction from tighter lockdown measures.
Futures in New York fell to their lowest since June, while the global Brent benchmark slid to a five-month low. The Covid-19 surge in the U.S. Midwest rose to a record, and the seven-day average in the Northeast reached the most since May. Elsewhere, Italy reached another daily record in virus cases, potentially facing new restrictions on movement.