South Korea said on Monday for the first time it is in the midst of a ‘second wave’ of the coronavirus. The World Health Organization reported a record increase in global coronavirus cases on Sunday, with the biggest increase from North and South America. Oil prices have been supported by a recovery in fuel demand globally following a collapse in April-May during virus shutdowns, as nations worldwide resume economic activity. Signalling a recovery in global markets and tighter supplies, Brent has moved into backwardation, where oil for immediate delivery costs more than supply later. In Canada and the United States, the number of operating oil and natural gas rigs fell to a record low last week, even as higher oil prices prompt some producers to start drilling again.

Source: Hindustan Times June 22, 2020 09:24 UTC