Crude oil extends losses to sixth day as Europe faces pandemic lockdowns

TOKYO: Oil prices fell on Friday, extending losses for a sixth day as a new wave of COVID-19 infections wash across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon.

Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.

U.S. crude fell below $60 again and was trading at $59.97 a barrel by 0115 GMT. Brent crude was off by 1 cent at $63.27.