Oil Has Worst Month Since March After Covid Surge Hurts Recovery
- Infections spike in the U.S.; Europe faces tighter measures
- WTI prompt spread has weakest close since early September
Photographer: Andrey Rudakov/Bloomberg
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Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery.
Futures fell 1.1% in New York on Friday to end the week below $36 a barrel taking their cue from a broader market selloff and the worst week for U.S. stocks since March. At the same time, the U.S. posted a record surge in daily coronavirus infections, while new restrictions in Europe could drive the region toward another recession.