Oil futures post a second weekly loss

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Oil futures declined on Friday, contributing to a second weekly loss for prices as President Donald Trump’s COVID-19 diagnosis raised further concerns over a slowdown in the economy and energy demand. “Rising coronavirus cases across the globe fan fears around slowing world growth and pace of demand recovery,” said Lukman Otunuga, senior research analyst at FXTM. Trump’s diagnosis has led to risk-off sentiment, “consequently hitting appetite for oil.” November West Texas Intermediate crude fell $1.67, or 4.3%, to settle at $37.05 a barrel on the New York Mercantile Exchange. Front-month contract prices lost roughly 8% for the week, according to FactSet data.
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