Oil Set For First Weekly Loss In Seven Weeks

Despite the fact that oil posted mixed results on Friday morning, prices were set for their first weekly loss in seven weeks after a spike in coronavirus infections across the United States had market participants worried about the pace of oil demand recovery. As of 11:47 a.m. EDT on Friday, WTI Crude was down 0.91 percent at $36.21 and Brent Crude was up 0.73 percent on the day at $38.81. On Thursday, oil prices crashed by 8 percent, driven by fears of a second wave of COVID-19. Market sentiment was further depressed by the EIA reporting on Wednesday…