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Oil settled lower on Friday and was headed for its first weekly decline since April, ending six weeks of gains. WTI settled at $36.26 and Brent at $38.73, with weekly losses near 8%.
Rising U.S. coronavirus cases and record U.S. crude inventories of 538.1 million barrels weighed on prices.
Fears of a second virus wave reduce expected fuel demand, which pressures crude and related energy input costs for feed producers. Record stocks signal a supply glut that limits any near-term rebound.
cnbc.comReutersJun 12, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
