Covid’s Comeback Is Threatening Oil’s Remarkable Price Recovery
- N.Y., N.J., Connecticut order hot-spot visitors to quarantine
- WTI crude futures declined 5.9% to lowest level in a week
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A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Futures in New York slid 5.9% to the lowest in a week on Wednesday. The decline comes as U.S. crude inventories rose for a third week to a fresh record, placing added pressure on a market already weighed down by fears that a resurgence of the virus could force states to resume lockdowns that were only recently lifted.