Oil is set for the second weekly decline since April, as US Covid-19 cases cloud demand outlook, Bloomberg reports.
The US is witnessing a record number of new Covid-19 cases, with a wave across the Sun Belt impeding prospects for an oil-demand recovery.
Go deeper with GlobalData
Futures in New York rose to nearly $39 a barrel on Friday, 26 June, but are down about 1.6% for the week. Centre of the American oil industry, Texas stopped its reopening as virus cases soared and Houston’s intensive care wards reached capacity.
