Oil prices slip towards weekly declines amid record U.S. COVID-19 cases
Oil prices fell on Friday, continuing steep losses from the previous session as concerns piled over a record surge in COVID-19 cases across the U.S., driving the black liquid for weekly declines.
Brent crude futures dipped by 0.6% (25 cents) on Friday, trading at $42.10 per barrel at 0341 GMT after it plunged more than 2% the previous day.
Brent appeared to be set for a weekly decline of almost 2%, while U.S. crude braced for a fall of more than 3%.
With governments across the globe loosening its lockdown measures, many analysts expect a rise in fuel demand to quickly recover the economy from the impact of the pandemic. However, many also share the same concerns that the daily increase of COVID-19 infections in the U.S may challenge the pace of a global recovery.
The U.S. saw a daily record of almost 60,500 new cases on Thursday, marking it as the highest for any country since the virus first appeared in China back in 2019.