(Bloomberg) — Oil clung to losses with concerns over the economic recovery casting a cloud over the return to normal demand.

West Texas Intermediate crude fell as much as 1.6%. U.S. jobless claims unexpectedly rose for a second straight week, highlighting the choppy road ahead even in countries that have been a bright spot for the demand rebound. Meanwhile, India, the world’s third-biggest oil importer, reported a record number of daily Covid-19 cases, with states facing a vaccine shortage. Daily deaths in Brazil hit a record 4,195 Tuesday.

“The jobless claims number this morning was higher than expected, making people concerned it won’t be a straightforward economic take-off in the U.S.,” said Michael Lynch, president of Strategic Energy & Economic Research. “The high Covid cases in Brazil

Read More At Article Source | Article Attribution