# Oil posts worst week since April, snaps 6-week winning streak

> 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.

- Date: 2020-06-12 · published 2020-06-12T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/52782-oil-posts-worst-week-since-april-snaps-6-week-winning-streak
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- cnbc.com: https://www.cnbc.com/2020/06/12/oil-markets-coronavirus-in-focus.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.