Surge In Coronavirus Cases Sparks Concerns About Demand Recovery

A surge in new cases in parts of the world and a resurgence of the coronavirus in places that had thought they’d beat it are leading to renewed lockdowns and worry that the recovery in oil demand, already hesitant, might end, Reuters reports. GasBuddy data, for instance, shows that gasoline demand in the world’s top consumer fell by 5 percent on the week in the seven days to July 11. Meanwhile, new Covid-19 case numbers in the U.S. have been rising fast: yesterday, the country broke all records by reporting 77,000 new cases. The number…