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Oil drops for second day as worsening pandemic threatens demand drop

02 October 2020 05:43 (UTC +04:00)

Oil prices fell nearly 1% on Friday, extending losses into a second day as rising production of crude comes amid a worsening COVID-19 pandemic which threatens to bring more restrictions on movement and consumption that will likely hit demand for fuel, APA reports quoting Reuters.

Brent crude was down 36 cents, or 0.9%, at $40.57 a barrel at 0055 GMT, after falling more than 3% on Thursday. U.S. oil was also 36 cents, or 0.9%, lower at $38.36, having fallen nearly 4% in the previous session.

U.S. oil is heading for a drop of nearly 5% this week, while Brent is on track to fall more than 3%, in a second consecutive week of decline for both contracts.