Oil falls, heads for weekly decline as virus cases hit record

Oil falls, heads for weekly decline as virus cases hit record
  • Clock-gray 08:28
  • calendar-gray 10 July 2020

Oil prices fell on Friday, adding to steep losses from the previous session, and were headed for weekly declines on worries that renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere would suppress fuel demand, APA reports quoting Reuters. 

Brent crude LCOc1 was down by 25 cents, or 0.6%, at $42.10 a barrel by 0341 GMT after falling more than 2% on Thursday. U.S. oil CLc1 fell 33 cents, or 0.8%, at $39.29 a barrel after a drop of 3% in the previous session. 

Brent looks set for a weekly decline of nearly 2% and U.S. crude for a fall of more than 3%. Trading was quiet with Singapore on holiday for an election.

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