Oil Slides on Surging Virus While U.S. Election Adds Uncertainty

(Bloomberg) — Oil dropped toward $37 a barrel in New York as surging coronavirus cases and a tightly contested U.S. election sapped momentum from crude’s strong start to the week.Futures in New York dropped as much as 4.5% on Friday, but remain on track for a weekly gain. Democrat Joe Biden appeared to be on the brink of victory in the U.S. presidential race, but he may have to deal with a split Congress. Meanwhile, rising coronavirus cases continued to drag on the demand outlook, with various U.S. states reporting their biggest single-day rises.“Sentiment around oil is not very good …read more

Source:: Yahoo Finance


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