ET Oil Demand Recovery Threatened as Virus Cases Surge: Live Market Updates RIGHT NOW Stocks are unsteady as virus spread continues. The surge in virus cases is ‘casting a shadow’ over oil demand. Coronavirus cases continued to spike in the United States, which recorded its sixth single-day record in 10 days on Thursday. Oil futures were lower after the International Energy Agency said that strong growth of coronavirus cases in the United States and Latin America is “casting a shadow” over the resurgence of oil demand. Investors have seemed to largely shrug off a rise in coronavirus cases in the United States; the S&P 500 is up roughly 6 percent since late May.

Source: International New York Times July 10, 2020 10:12 UTC