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Oil falls as COVID-19 spike stokes fuel demand fears; still set for big weekly gain

13 November 2020 06:56 (UTC +04:00)

Oil prices fell in early trade on Friday as a spike in the number of COVID-19 infections raised fears for the global economy and near-term fuel demand, but remained on track for a second straight weekly gain amid hopes for a vaccine.

U.S. West Texas Intermediate (WTI) crude futures dropped 40 cents, or 1.0%, to $40.72 a barrel by 0118 GMT, having lost 0.8% on Thursday. Brent crude was down 36 cents, or 0.8%, at $43.17 a barrel, after dropping 0.6% on Thursday.

For the week, both were headed for a surge of about 10%.

U.S. government data also added to pressure, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels.