Oil extend losses amid gloomy demand outlook | Reuters

Oil extend losses amid gloomy demand outlook | Reuters

Oil prices fell on Friday for a sixth day in a row, down nearly 9% for the week, as a new wave of COVID-19 infections in particular across Europe spurred fresh lockdowns and dampened hopes for an imminent recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 0552 GMT.

Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.

Oil had edged up in Asia’s morning trading after a 7% drop on Thursday as physical buyers leapt at the chance to load up on cheap oil, said Jeffrey Halley, senior market analyst at OANDA, in a Friday note.

But the market remains increasingly worried about fuel demand outlook amid rising coronavirus cases, fresh restrictions and slowing vaccination rollouts in some countries, analysts said.