Oil futures retreat from a 4-month high, pulling U.S. prices back below $40 a barrel

Oil futures retreated Thursday after settling a day earlier at their highest in four months, pulling U.S. prices back below $40 a barrel. The U.S. set another single-day record number of confirmed COVID-19 cases on Wednesday. Traders continued to watch the pace of the economic recovery against that backdrop, and for signs of an improvement or setback in energy demand. August West Texas Intermediate oil fell $1.28, or 3.1%, to settle at $39.62 a barrel on the New York Mercantile Exchange. On Wednesday, prices for the front-month contract settled at $40.90, the highest finish since March 6, according to Dow Jones Market Data.

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