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Oil falls below $43 on virus fears, still heads for weekly gain

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

Source: reuters by Jane Chung, Alex Lawler

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 U.S. 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 LCOc1 was down 51 cents, or 1.2%, at $42.63 a barrel by 0923 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 fell 56 cents, or 1.4%, to $40.09.

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