Soaring Number Of COVID Cases Caps Oil Prices

U.S. West Texas Intermediate crude oil futures are trading nearly flat on Friday while heading for their first weekly losses in three. The market is feeling pressure from both the demand and supply sides, led respectively by surging coronavirus cases in the United States and Europe, and Libyan output increases. COVID-19 Update – Euro Zone Business Activity Shrinks Several U.S. states reported record daily increases in infections on Thursday, raising concerns about future fuel demand, while France extended curfews for about two-thirds of its…