US oil fell nearly two per cent on Friday as new lockdowns in Europe to contain the spread of the coronavirus disease raised questions about the outlook for crude demand, while markets remained on edge over the drawn-out vote counting in the US election.
West Texas Intermediate was down 73 cents, or 1.9 per cent, at $38.06 a barrel at 0232 GMT, after dropping 0.9 per cent on Thursday. Brent crude was off 72 cents, or 1.8 per cent, at $40.21, having fallen 0.7 per cent in the previous session. Still, the contracts are heading for their first weekly gain in four.
Italy recorded its highest daily number infections on Thursday and cases surged at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country.
