Oil heading for weekly decline as coronavirus demand concerns mount | Reuters:
Oil prices slipped on Friday and were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.
Brent crude LCOc1 was down 4 cents at $41.90 a barrel by 0635 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 dropped 8 cents to $40.23.
Brent is heading for a drop of nearly 3% this week with U.S. crude on track for a decline of around 2%. Both benchmarks are also heading for a monthly decline, which would be the first for Brent in six months.
“The outlook for oil demand remains challenging as prospects of new mobility restrictions continue to rise,” ANZ Research said in a note.
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