(Bloomberg) — Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.The market has shrugged off a pledge by OPEC+ over the weekend to extend its output cuts, with sentiment souring this week after U.S. inventories climbed to a record high and the Federal Reserve warned of longer-lasting damage to the economy by the pandemic. Oil has also been swept up in a broader market rout triggered by a surge in infections, with prices …read more
Source:: Yahoo Finance
