(Bloomberg) — Oil headed for a second weekly loss amid growing concern the global energy demand recovery has stalled, although figures showing OPEC’s crude output held steady last month eased fears of a potential glut.
Futures in New York fell toward $38 a barrel Friday after slumping 3.7% on Thursday. The chance of any more U.S. fiscal stimulus before the November election appeared to be fading after talks yielded no immediate breakthrough. The coronavirus is resurgent in Europe and hasn’t been brought under control in big economies such as India, leading to a chorus of forecasters scaling back their estimates for when oil demand will get back to pre-virus levels.
Still, the Organization of Petroleum Exporting Countries’ crude production was almost unchanged last month from August, according to a Bloomberg survey. The United Arab Emirates cut its oil output to the lowest in two years, offsetting increased Saudi