Oil drops nearly 2% on demand concerns, snaps 2-week win streak
Oil fell nearly 2% on Friday and headed for a weekly drop as demand concerns raised by surging coronavirus cases in the United States and Europe overshadowed the prospect of an extension to OPEC-led supply curbs.
Italy and several U.S. states reported record daily increases in infections, while France extended curfews for about two thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.
Brent crude lost 69 cents, or 1.63%, to settle at $41.77 a barrel. U.S. crude shed 79 cents, or 1.94%, to settle at $39.85 per barrel.
Also weighing on the market, Libyan output, which had been mostly offline since January, has reached 500,000 barrels per day (bpd) and will rise further by the end of October.
Comments by Russian President Vladimir Putin on Thursday that Moscow did not rule out extending OPEC+ oil output cuts supported oil prices.
Reference: CNBC
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