By Laila Kearney
NEW YORK (Reuters) – Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.
Brent crude futures <LCOc1> settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures <CLc1> lost 6 cents to $40.25 a barrel.
Brent dropped 2.9% for the week and WTI sunk 2.1%
“There is this second wave of fear overhanging the oil market at this point and that’s holding us back,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
In the world’s top oil consumer the United States, infections are rising in the Midwest, while New York City, which was hit hardest in the spring, is considering renewed shutdown mandates. More than 200,000 people have died of the virus in the nation.
U.S. fuel consumption remains sluggish