Oil falls below $43 a bbl on Covid-19 surge but headed for a weekly gain
Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude oil was still headed for a weekly gain on lower supply and wider signs of economic recovery.
The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested US jobs growth, which jumped in June, could suffer a setback.
“If this trend continues, oil demand in the region is at risk,” said Louise Dickson of Rystad Energy.
Brent crude was down 38 cents, or 0.9 per cent, at $42.76 a barrel by 12:03 p.m. EDT (1603 GMT), and US West Texas Intermediate (WTI) crude fell 44 cents, or 1.1 per cent, to $40.21. US trade was thinned by the Independence Day holiday.
