Oil holds near $43 as Laura’s passing brings virus back in focus

Oil was little changed near $43 after the hurricane threat in the Gulf of Mexico eased and traders refocused on the broader outlook for demand as the coronavirus pandemic continues to hamper an economic recovery.

Futures in New York were stable, after easing 0.2% on Friday. Crude rose 1.5% for a fourth weekly gain last week as Laura shut in 84% of offshore production. Yet while the system was one of the most powerful hurricanes to ever hit Louisiana, facilities in southeast Texas avoided the worst of the storm, allowing infrastructure there to start the recovery process.

Meanwhile, the virus refuses to loosen its grip in some parts of the world. India recorded its biggest daily spike in cases, while there’s also been a surge in infections in upstate New York.