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Oil futures slip as coronavirus cases rise globally on Monday but BofA lifts crude price outlook

June 22, 2020


Oil futures on Monday headed lower amid rising cases of the COVID-19 pandemic, but the improved outlook for long-term global demand has sparked one major investment bank to raise price targets for the commodity for this year and the next two years.

In the U.S., infections of the virus increased over the weekend, and places outside of the U.S., also saw increased cases. South Korea on Monday declared itself in the midst of “second wave,” Germany saw its rate of infection rise as the World Health Organization reported a record increase in global cases on Sunday.

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