Oil Drops Over Demand Fears as COVID-19 Intensifies….LIVE NEWS UPDATE BY ROYAL TRADERS


Oil was down on Friday morning in Asia, recording a weekly loss as the COVID-19 pandemic takes a turn for the worse in the U.S. and dampens demand.

One of the largest oil consumers in the world, the U.S. recorded 60,000 new cases on Thursday alone. Some of the largest states such as Texas, California and Florida all reported a record number of deaths.

Brent oil futures dropped 0.59% to $42.10 by 11:07 PM ET (4:07 AM GMT) while WTI futures slid 0.81% to $39.30.

While some investors were hoping for signs of continued economic recovery, the ever-increasing number of new cases globally could hamper this recovery. Some countries are already re-imposing lockdowns, with Melbourne, Australia, on day three of a second lockdown.

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