Second wave of Covid cases to keep oil prices in check; WTI to hover around $36/barrel

Spike in new coronavirus cases in the US stoked fears of a second wave of the virus which in turn hit the crude oil demand, leading to a fall in crude prices. Last week, the crude marked its first weekly fall since April. Going forward, the combination of the US Fed forecasts and a second call for restrictions could trigger another plunge in crude oil prices. Markets are once again worried that pandemic may be far from over and this has brought the rally to a halt. With about half a dozen US states reporting spikes in new infections, people are driving less and the demand for gasoline remains low. Concerns over future demand rose to the forefront after the US Federal Reserve said US...