Oil retreats as demand outlook dims amid fresh US lockdowns

摘要

Oil futures retreated in afternoon trading to settle lower July 13 as demand outlooks dimmed amid reports of new lockdown measures in California. NYMEX August WTI settled 45 cents lower at $40.10/b, and ICE September Brent retreated 52 cents to $42.72/b. Oil futures turned lower in early afternoon trading after California Governor Gavin Newsom announced the state would revert its state reopening plan to Phase 1, again barring most non-essential business from taking place indoors. The news came on the heels of an announcement that Los Angeles and San Diego schools would remain shuttered this fall for in person learning.