News Snapshot:
Covid-19 Resurgence Slows China Demand for US Crude . . . A second wave of Covid-19 infections in China’s capital is threatening to depress the nation’s appetite for American oil just after a pick-up in purchases. Signs of weakening demand from the world’s largest oil consumer are now starting to weigh on export prices for American crude, according to industry participants, Bloomberg reported. West Texas Intermediate oil for supply in August along the US Gulf Coast is now trading at about 80 to 90 cents a barrel above Nymex futures, down from a nearly $1.15-a-barrel premium last week, they said....
