Oil prices book 2-session skid, threaten to snap 7-week streak of gains amid COVID-sparked demand fears

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Oil futures settled sharply lower Tuesday, marking the first decline of at least two sessions for the commodity in two weeks as worries about energy demand persisted following new travel bans and lockdowns in Europe and the U.S. to combat the COVID-19 pandemic, even though a vaccine rollout has begun. February oil closed 95 cents, or 2%, lower at $47.97 a barrel, notching the first consecutive declines since the three-session drop ended Dec.9, FactSet data show. The decline in the Christmas-shortened trading week would represent the sharpest weekly slide for the most-active oil contract since a 10.2% drop in the week of Oct. 30, and a weekly drop would snap a seven-week weekly streak of gains.
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