The measures include the ban of indoor restaurant dining, bar closures and stepping up social distancing in much of the state in order to curb the spike in Covid-19 cases.
Brent oil futures were down 0.17% to $41.96 by 10:03 PM ET (3:03 AM GMT) and WTI futures slid 0.30% to $39.70.
Both Brent and WTI futures made gains on Thursday after the US Energy Information Administration (EIA) predicted a 7.195 million-barrel draw in crude oil supplies for the week ending June 26. EIA had predicted a 1.442 million-barrel gain for the previous week, and analyst forecasts prepared by Investing.com predicted a 710,000-barrel draw.
The EIA’s prediction follows the American Petroleum Institute (API)’s surprise prediction on Tuesday of an 8.156 million-barrel draw for the same week.
But the EIA data also showed rise in gasoline inventories, against expectations of a fall, soured investor sentiment.
“Counter-seasonal builds in gasoline inventories as stockpiles unexpectedly rose are not precisely a bullish delight… the EIA data showed that gasoline imports hit the highest level since last August and peaked the most on a seasonal basis in nine years,” Stephen Innes, AxiCorp strategist, warned in a note.
By Investing.com:https://www.investing.com/news/oil-retreats-over-demand-recovery-fears-2218352
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