Oil Down Nearly 2% amid COVID-19, U.S. Election Concerns

TOKYO (Reuters) – U.S. oil fell nearly 2% on Friday as new lockdowns in Europe to contain the spread of the coronavirus disease raised questions about the outlook for crude demand, while markets remained on edge over the drawn-out vote counting in the U.S. election.

West Texas Intermediate was down 73 cents, or 1.9%, at $38.06 a barrel at 0232 GMT, after dropping 0.9% on Thursday. Brent crude was off 72 cents, or 1.8%, at $40.21, having fallen 0.7% in the previous session. Still, the contracts are heading for their first weekly gain in four.

Italy recorded its highest daily number infections on Thursday and cases surged at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country. Read more…..


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Michael Sheldon, Chief Market Strategist at RDM Financial Group, joins Worldwide Exchange with his perspective on the markets in the worst month for stocks since March.

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