US oil fell more than 2% as new lockdown measures in Europe to stem the rise in Covid-19 infections fueled concerns about the outlook for demand, while markets remain in a state of tension due to the long-running US election counting.
West Texas Intermediate crude fell $ 1.06, or 2.7 percent, to $ 37.73 a barrel, after falling 0.9 percent on Thursday. Brent crude fell $ 1.05, or 2.6 percent, to $ 39.88, after falling 0.7 percent in the previous session.
Italy recorded the largest daily number of infections yesterday, Thursday, and cases rose by at least 120,276 cases in the United States, which is the second highest daily record in a row as the outbreak spreads across the country.
The counting and trends of the votes in the US election shows that the Republicans will retain control of the Senate, while the Democrats are expected to obtain a slim majority in the House of Representatives, which dampens hopes for a big stimulus boot, another factor that puts pressure on oil.
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