Monday, 27 July 2020

Oil prices edged down on Monday as rising coronavirus cases and tensions between the United States and China pushed investors toward safe-haven assets.Brent crude dipped 10 cents, or 0.2%, to $43.24 a barrel by 0041 GMT while US West Texas Intermediate (WTI) crude was at $41.24 a barrel, down 5 cents.

The fall in oil mirrored moves in broader financial markets in Asia amid concerns about escalating tensions between the world’s two biggest economies following the closure of embassies in Houston and Chengdu. Global coronavirus cases, meanwhile, exceeded 16 million.Still, Brent is on track for a fourth straight monthly gain in July while WTI is set to rise for a third month as unprecedented supply cuts from the Organization of the Petroleum Countries and its allies including Russia, as well as in the United States, propped up prices.