Oil Falls on Coronavirus, OPEC Cuts — Market Talk

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Oil Falls on Coronavirus, OPEC Cuts — Market Talk

08:33 ET – US benchmark oil prices are declining for a second straight session early in NY, down 1.2% at $39.61/bbl. “Oil is lower on Covid-19 and OPEC’s rethinking of the emergency production cuts,” says Peter Cardillo at Spartan Capital. California, one of the top gasoline-consuming states, on Monday imposed new, statewide restrictions, including the immediate closure of bars, as well as a shutdown of many indoor activities including restaurants and movie theaters, as coronavirus cases continue to rise. Markets will now begin to turn attention to weekly US oil data, starting with trade group API’s report at 4:30 pm ET, followed by EIA on Wednesday morning.