Oil falls on mounting COVID-19 cases, supply concerns | Reuters:
Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.
Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost 6 cents to $40.25 a barrel.
Brent dropped 2.9% for the week and WTI sunk 2.1%
“There is this second wave of fear overhanging the oil market at this point and that’s holding us back,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
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