Oil prices down with rising virus cases in key US states

- Recent spike in new COVID-19 cases in US threatens overall oil demand in world's biggest oil-consuming country

Crude oil prices were down on Monday with worries that a second wave of the novel coronavirus (COVID-19) would emerge from the rising number of cases among some key states in the US.

International benchmark Brent crude was trading at $42.12 per barrel at 0655 GMT for a 0.16% decline after closing Friday at $42.19 a barrel.

American benchmark West Texas Intermediate (WTI) was at $39.69 a barrel at the same time for a 0.15% loss after ending Friday at $39.75 per barrel.

In the US state of Florida, the third most populous state in the country, the number of new COVID-19 cases surged by 3,494 on Sunday to reach a total of 97,291, according to the state's Department of Health.

In the state of Texas, the heart of US oil production, more than 3,800 newly confirmed cases were reported on Sunday, taking the total to 111,601, according to state health officials.

And in California, the most US populous and largest oil-consuming state, new virus cases broke a single-day record by jumping 4,515 on Sunday, bringing the total to 173,324, according to California Department of Public Health.

The recent spike in new COVID-19 cases in the US threatens overall oil demand in the world's biggest oil-consuming country and lowers crude production as well due to quarantine measures.

The number of oil rigs in the US, an indicator of short-term production in the country, fell by 10 to reach 189 for the week ending June 19, from 199 the previous week.

This marked the fourteenth consecutive week of declines in the US oil rig count, during which the number of oil rigs in the country decreased by a total of 494, according to oilfield services company Baker Hughes.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr