By Bryan Wong
Investing.com – Oil continued its drop on Monday morning in Asia, following last week’s plummet. Investor worries over demand were amplified after COVID-19 cases surpassed ten million and deaths surpassed half a million as of June 29, according to Johns Hopkins University data.
dropped 1.86% to $40.17 by 12:59 AM ET (04:59 AM GMT) and also slid 2.10% to $37.69.
The U.S. is seeing a big surge in virus cases with some states hitting an all-time high. Only two states- Connecticut and Rhode Island, reported a decline in new cases compared to last week.
Asia also recorded a stark increase in infections in countries such as Indonesia, Philippines, and India, with India recording its biggest surge in cases over 24 hour period for a second consecutive day. The country recorded 9,906 new cases as of June 29.
Meanwhile, Chinese state-owned oil refining giants including China