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Oil dips on prolonged second wave of Covid-19, fears of more supply

Brent crude futures fell 23 cents to settle at $42.93 a barrel, and US West Texas Intermediate (WTI) crude futures dropped 8 cents to settle at $40.88 a barrel

Crude oil
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Brent rose 0.2 per cent for the week, while WTI was on track to gain 0.7 per cent

Reuters New York
Oil prices edged lower on Friday, dragged down by concerns that a spike in Covid-19 cases in the United States and Europe will continue to drag on demand in two of the world's biggest fuel-consuming regions.

OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and ally producers including Russia, fear a prolonged second wave of the pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a much gloomier outlook than just a month ago.

Brent crude futures fell 23 cents to settle at $42.93