Oil prices retreat as coronavirus cases and oversupply worries haunt industry



Mark DeCambre| Market Watch

Oil futures pulled back early Tuesday as persistent concerns about the rising number of cases of COVID-19 and the threat of more oil flowing out of the Middle East more than offset upbeat data suggesting both China’s manufacturing and service sectors are recovering.

The global tally for confirmed cases of the coronavirus that causes COVID-19 rose to 10.3 million on Tuesday, according to data aggregated by Johns Hopkins University. The number of deaths climbed to 505,518, while the number of people who have recovered reached 5.2 million.

A steady climb in the number of infections has raised the threat of delaying or reversing efforts to reopen economies that have been facing lockdowns to curb the coronavirus pandemic.

On top of that, investors were monitoring Libya to see if the oil exporter would resume oil production which has been almost entirely blockaded since January amid the country’s civil war, Reuters reported.

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