Oil Traders Fear Second Round Of Demand Destruction

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday and could end the week with a loss after OPEC and other major producers including Russia agreed to ease record supply curbs from August. The move is risky because the rise in coronavirus infections in the United States and around the world could lead to a second round of demand destruction if the outbreak cannot be contained. However, some traders are downplaying the threat, citing tightening global inventories and a pick-up in the economy…