Oil prices retreated yesterday to give up gains made earlier, as a new rise in coronavirus infections globally and in the United States, which is the largest oil consumer in the world, sparked fears of a possible recovery in demand for fuel.

Brent futures fell 35 cents, or 0.8%, to $ 42.79 a barrel, while West Texas Intermediate crude futures fell 35 cents, or 0.9%, to $ 40.30 a barrel.

The benchmarks rose more than 2% the day before yesterday (Thursday), supported by stronger-than-expected US jobs data, and a drop in crude stocks in the United States.

And «Brent crude» during the week rose by 4.3%, while «West Texas crude» rose by 4.7%.

But prices are being pressured due to increases in the number of daily infections with the Corona virus globally, and in the United States, as the number of new infections increased by "Covid-19" in the United States by more than 50 thousand cases the day before yesterday.

"The market has become increasingly confident that easing restrictions on travel and activities will boost demand for crude oil, but the progress of the pandemic threatens to hinder this recovery," the ANZ Research Center said in a note.

In turn, gasoline consumption will be closely watched, as the fourth day of July marks a holiday in the United States, and many Americans are expected to move on the roads.

In addition, recent data from the US Energy Information Administration showed that gasoline stocks in the United States increased by 1.2 million barrels in the week ending June 26.

- Brent crude

Rose within a week

4.3% ..

The West Texas crude is 4.7%.

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