Gains halted: An oil worker walking towards a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas. The price of oil edges lower after posting back-to-back weekly gains. — Reuters
NEW YORK: Oil edged lower after posting its first back-to-back weekly gain since February as investors weighed nascent signs of a recovery in demand against a huge global glut and the risk of a resurgence in virus cases.
Futures fell 1% in New York after rising 25% last week. While death rates have been easing in many countries, there’s concern the global economy may be vulnerable to a second wave of infections. China put a city near North Korea in lockdown over the weekend, while the White House has been hit with a case even as President Donald Trump encourages Americans to return to work.
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