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U.S. West Texas Intermediate crude oil futures are inching higher late in the session after recovering all of its earlier losses. The move was mostly generated by intraday short-covering related to a dramatic turnaround in U.S. equity markets.
At 17:52 GMT, August WTI crude oil is trading $37.03, up $0.52 or +1.42%.
Earlier in the session prices fell nearly 2% as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
“The recovery in oil demand is already set to be a lengthy process, and a fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” ING’s head of commodities strategy Warren Patterson said.
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