Oil Capped By COVID Fears

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures closed higher this holiday-shortened week, supported by a larger-than-expected drawdown in crude inventories earlier in the week and a decline in the U.S. unemployment rate. However, gains were capped and there was an air of caution ahead of the long holiday weekend as a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks. Drop in Supply Underpins Prices                                                      …