Oil holds near $42, heads for weekly loss as virus cases surge | Reuters
Oil steadied near $42 a barrel on Friday, heading for its first weekly drop in three, as surging coronavirus cases in the United States and Europe raise concerns about demand and Libyan output rises.
Several U.S. states reported record daily increases in infections on Thursday, while France extended curfews for about two-thirds of its population as the second wave of the pandemic sweeps across Europe.
Brent crude rose 6 cents, or 0.1%, to $42.52 a barrel by 0810 GMT having risen 1.7% on Thursday. U.S. crude fell 7 cents, or 0.2%, to $40.57. Both contracts are heading for a loss on the week.
“There is little in the way of support from the demand side in view of the extremely high number of new COVID-19 cases,” said Eugen Weinberg, analyst at Commerzbank. “There is also pressure on prices from the supply side.”
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