Oil Falls as Virus Cases Rise

Oil fell towards $40 a barrel on Friday as new lockdowns in Europe to halt surging Covid-19 infections sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the US election.
Italy recorded its highest daily number of infections on Thursday and cases surged by at least 120,276 in the United States, the second consecutive daily record as the outbreak spreads across the country, Reuters reported.
Brent crude fell 60 cents, or 1.5%, to $40.33. US West Texas Intermediate dropped 59 cents, or 1.5%, to $38.20. Both contracts fell more than $1 earlier in the day.
Still, Brent was heading for a near 8% gain this week, having fallen in the previous two weeks.
In the US election, Democratic candidate Joe Biden gained more ground on President Donald Trump in Georgia and Pennsylvania, edging closer to the White House hours after Trump falsely claimed the election was being “stolen” from him. Diminishing prospects of a large US stimulus package were also weighing on the market.