Oil ends sharply lower as COVID cases rise, but hangs on to weekly gain

/ / News

Oil futures tumbled Friday, under pressure as new COVID-19 infections in the U.S. hit a record above 100,000 for a second straight day. The renewed spread of the virus in Europe, where several countries have put in place tougher restrictions on activity, and the U.S. have underlined worries about demand for crude, analysts said. West Texas Intermediate crude for December delivery fell $1.65, or 4.3%, to close at $37.14 a barrel. But the U.S. benchmark logged a weekly gain, rising 3.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.