Oil fell more than 2per cent on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising ...
TOKYO: Oil fell more than 2per cent on Monday, extending losses from last week, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks of the virus could weigh on the recovery of fuel demand.
The oil benchmarks fell about 8per cent last week, their first weekly declines since April, as U.S. coronavirus cases started increasing. Over the weekend, more than 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations. Industrial output in China, the world's biggest crude oil importer, rose for a second consecutive month in May but the rise was smaller than expected, suggesting the world's second-biggest economy is struggling to get back on track after containing the coronavirus.The country's refineries increased their throughput in May by 8.2per cent more than the same period a year ago to about 13.6 million barrels per day , government data showed.
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