Oil Posts Second Weekly Loss in June, Undermining Recovery
- Covid-19 surge prompts Texas and Florida to halt bar drinking
- WTI futures close below $39 this week after gaining last week
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Oil posted its second weekly loss for the month, as a surge in U.S. coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery.
Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly gains that lifted oil from its historic plunge below zero in April. Texas -- the center of the American oil industry -- halted its reopening as virus infections jumped, and Houston’s intensive-care wards reached capacity. Bars in Texas and Florida were ordered to shut, and Arizona reported a surge in infections.