Oil Posts Worst Week in Three With Demand Recovery in Focus
- WTI fell 3.5% this week, the largest such drop since mid-March
- A stronger dollar reduced the appeal of commodities on Friday
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Oil posted its worst week in three amid concerns that rising global coronavirus cases are slowing the economic recovery.
West Texas Intermediate futures ended the week down 3.5%, the biggest weekly loss since mid-March. With the Organization of Petroleum Exporting Countries and its allies planning to start raising output, markets are now focused on whether the demand recovery will be enough to absorb growing supplies.