Oil falls as Covid-19 spike stokes fuel demand fears; still set for big weekly gain
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.
US 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%.
US 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.
