Oil falls below $43 a bbl on Covid-19 surge but headed for a weekly gain

Topics Oil Prices | Crude Oil | Coronavirus

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.

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