Oil settles lower on rise in U.S. coronavirus cases – ZAWYA

Oil settles lower on rise in U.S. coronavirus cases – ZAWYA

Oil settles lower on rise in U.S. coronavirus cases | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil settles lower on rise in U.S. coronavirus cases Brent crude futures settled down 3 cents at $40.91, falling 1% on the week    Image used for illustrative purpose. A general view shows the French oil giant Total Refinery in Donges, France, December 20, 2019. NEW YORK  - Oil prices settled lower on Friday as new coronavirus cases spiked in the United States and China, and on growing concerns about rising U.S. output ticking up while crude stockpiles sat at record highs.Brent crude futures settled down 3 cents at $40.91, falling 1% on the week. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to $38.49, down 1.6% on the week.Earlier gains, supported by optimism over rising road traffic boosting fuel demand, were erased in U.S. trading on fears that spiking COVID-19 infections in large gasoline-consuming U.S. states could stall the demand recovery. Cases have risen sharply in California, Texas and Florida, the three most populous U.S. states. Brent crude futures settled down 3 cents at $40.91, falling 1% on the week. U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to $38.49, down 1.6%