U.S. oil fell more than 2% on Friday as new lockdowns in Europe to halt surging infections of COVID-19 sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election.
West Texas Intermediate was down $1.06, or 2.7%, at $37.73 a barrel at 0538 GMT, after dropping 0.9% on Thursday. Brent crude was off $1.05, or 2.6%, at $39.88, having fallen 0.7% in the previous session.
Italy recorded its highest daily number of infections on Thursday and cases surged by at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country.
“COVID-19’s rampage across Europe and the U.S. is likely to deliver a hit to consumption,” said Jeffrey Halley, senior market analyst at OANDA.
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