Oil was settled at less than $ 40 a barrel on Friday, as the increase in global cases of Coronavirus fueled fears of weak demand and with caution in the markets due to the continuing long counting of votes in the US presidential election.
France has recorded an unprecedented number of cases, fueling fears that imposing additional lockdown measures in Europe could overshadow demand.
In the US elections, Democratic presidential candidate Joe Biden has an edge over President Donald Trump in Georgia and Pennsylvania, getting closer to winning the White House, as the counting of votes continues in a number of states.
Brent crude was settled down $ 1.48, equivalent to 3.62 percent, to $ 39.45 a barrel. US West Texas Intermediate crude fell $ 1.65, or 4.25 percent, to $ 37.14 a barrel.
However, both crude oils achieved weekly gains, with Brent rising 5.8 percent and US crude adding 4.3 percent.
As pressure on the market diminished the prospects for a large US stimulus package.
The US Senate Majority Leader Mitch McConnell said today that economic statistics, including unemployment falling by a percentage point in the United States, indicate that Congress should adopt a smaller stimulus package related to the Corona virus, which is focused largely on the impact of the pandemic.
“Crude oil is very sensitive to the stimulus expectations that have just taken a hit and worsened … the Coronavirus situation is the most negative indicator of demand you can see,” said Bob Yoger, director of energy contracts at Mizuho.
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