Oil prices dipped on Friday, adding to losses from the previous session, on worries that fuel demand recovery will slow amid a resurgence of coronavirus cases and as talks have stalled in the United States on a new stimulus deal.
FILE PHOTO: Pumpjacks are seen in Lagunillas, Ciudad Ojeda, in the state of Zulia, Venezuela December 22, 2015. REUTERS/Isaac Urrutia
The resurgence of coronavirus infections remains the key issue for the oil markets, as that will determine how fast fuel demand rebounds, analysts said. Tallies show infections in the United States are rising in a number of states, including Colorado, Ohio and Virginia. “The virus relief package remains the last hope to boost demand, with the U.S. driving season coming to an end soon,” ANZ Research said in a note.
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