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Oil falls below $43 a bbl on Covid-19 surge but headed for a weekly gain

OPEC oil production fell to its lowest in decades in June and Russian production dropped to near its OPEC+ target

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"If this trend continues, oil demand in the region is at risk," said Louise Dickson of Rystad Energy

Reuters London
Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude oil was still headed for a weekly gain on lower supply and wider signs of economic recovery.

The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested US jobs growth, which jumped in June, could suffer a setback.

"If this trend continues, oil demand in the region is at risk," said Louise Dickson of Rystad Energy.

Brent crude was down 38