Oil falls below $43 a barrel on virus fears, still heads for weekly gain - Reuters

Oil falls below $43 a barrel on virus fears, still heads for weekly gain - Reuters:

Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. 

The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested U.S. jobs growth, which jumped in June, could suffer a setback. 


“If this trend continues, oil demand in the region is at risk,” said Louise Dickson of Rystad Energy. 


Brent crude was down 38 cents, or 0.9%, at $42.76 a barrel by 12:03 p.m. EDT (1603 GMT), and U.S. West Texas Intermediate (WTI) crude fell 44 cents, or 1.1%, to $40.21.

U.S. trade was thinned by the Independence Day holiday.