Oil Posts Weekly Loss Amid Renewed Concerns Over Virus Surge
- Number of U.S. coronavirus cases rose above 7 million
- Crude futures in New York retreated 2.1% in latest week
Photographer: Mark Felix/AFP via Getty Images
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Oil fell this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdown measures and further stifle crude demand.
New York futures edged lower Friday and fell 2.1% on the week. The number of U.S. coronavirus cases rose above 7 million, according to data from Johns Hopkins University. Meanwhile, a second governor tested positive for Covid-19 as cases surge around the country.