Oil retreated from a five-week high on concern that relaxing virus lockdowns too early will lead to a resurgence in cases and derail a nascent recovery in energy demand.
Futures in New York followed equities lower, dropping 0.9% from the highest settlement since early April. Anthony Fauci, America’s top infectious disease official, said US states reopening too quickly could hurt an economic recovery. China’s return from restrictions suffered a setback after new cases emerged in Wuhan — the epicenter of the outbreak — prompting an order for the entire population of 11 million to be tested.
