Oil Drop Persists as Virus Cases Hit New High And Threatens Demand…LIVE NEWS UPDATE BY ROYAL TRADERS


Oil continued its drop on Monday morning in Asia, following last week’s plummet. Investor worries over demand were amplified after COVID-19 cases surpassed 10 million and deaths surpassed half a million as of June 29, according to Johns Hopkins University data.

Brent oil futures  dropped 1.86% to $40.17 by 12:5 9 AM ET (04:59 AM GMT) and  WTI futures also slid 2.10% to $37.69. 

The U.S. is seeing a big surge in virus cases with some states hitting an all-time high. Only two states, Connecticut and Rhode Island, reported a decline in new cases compared to last week.

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