Oil rises further from three-week lows, but headwinds loom - Reuters

Oil rises further from three-week lows, but headwinds loom - Reuters:

Oil prices rose on Friday, after touching three-week lows in the previous session, responding to a record decline in U.S. growth as the coronavirus ravaged the world’s biggest economy and oil consumer.

Brent crude was up by 41 cents, or 1%, at $43.35 a barrel by 0702 GMT. On Thursday, Brent closed down 1.9% after touching its lowest level since July 10.

U.S. crude gained 43 cents, or 1.1%, to $40.35 after dropping 3.3% the previous session, also off lows not seen since July 10.

Brent is on track for a fourth month of gains, while U.S. crude is heading for a third, as both rise from depths hit in April when much of the world was in lockdown.