Oil falls for a third day with second-wave coronavirus risks in focus
Oil kept falling after its first weekly drop since late April as a fresh coronavirus outbreak in China and increases in cases elsewhere added to concern a second wave of infections will threaten a nascent economic recovery.
Futures in New York fell to near $35 a barrel after losing 8.3% last week. Beijing closed the city’s largest fruit and vegetable supply center and locked down nearby housing districts over the weekend after dozens of people associated with the market tested positive for the virus. Florida, meanwhile, is among some US states that are still seeing sharp increases in cases.
The supply response to the virus continued, with Baker Hughes data showing active drilling rigs across the US falling for a 13th week to the lowest in more than a decade. OPEC and its allies will review the state of the market this week at an online meeting of the group’s technical committee on Wednesday.
