Oil prices drop on new coronavirus cases and increased supply concerns

Crude oil prices continued to trade sideways this week as the buyers struggled to cope with an increase in the number of new coronavirus cases worldwide. Fundamental analysis: COVID-19 infections rising The number of COVID-10 cases surged in the United States, particularly in the Midwest and New York City, which is considering restoring shutdown mandates. The virus has taken over 200,000 lives in the U.S. so far. “There is this second wave of fear overhanging the oil market at this point and that’s holding us back,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. Fuel consumption in