Oil retreats with China outbreak threatening demand bright spot, Economy

NEW YORK (BLOOMBERG) – Oil snapped a two-day gain as a second wave of coronavirus cases in China and a report pointing to a further swelling in US stockpiles cast doubt on the demand outlook in the world’s two largest economies. Futures in New York fell toward US$37 a barrel after climbing almost 6 per cent over the previous two sessions. Beijing has ordered all schools to close in an escalation of containment measures as its struggles to halt the outbreak that’s already spread to neighboring provinces. China is one of the world’s few energy consumption bright spots, staging a…