London — Oil prices dropped on Friday and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the US stoked concern about the pace of economic recovery and fuel demand.
“Further job losses are on the horizon as several states re-impose lockdown restrictions. America is still in the throes of the pandemic and this spells bad news for the oil demand outlook,” said Stephen Brennock of oil broker PVM. “While the oil market has undoubtedly made progress ... the large, and in some countries, accelerating number of Covid-19 cases is a disturbing reminder that the pandemic is not under control,” the IEA said.
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