Oil falls 4% as U.S. vote count continues, coronavirus cases rise
Oil settled below $40 a barrel on Friday as rising global coronavirus cases stoked fears about lackluster demand and as drawn-out vote counting in the U.S. presidential election kept markets on edge, Trend reports citing Reuters.
In the U.S. election, Democratic presidential candidate Joe Biden took the lead over President Donald Trump in Georgia and Pennsylvania, edging closer to winning the White House as a handful of states continue to count votes.
Three days after polls closed, Biden has a 253 to 214 lead in the state-by-state Electoral College vote that determines the winner, according to Edison Research. Winning Pennsylvania’s 20 electoral votes would put the former vice president over the 270 he needs to win.
Brent crude LCOc1 settled down $1.48, or 3.62%, at $39.45 a barrel. U.S. West Texas Intermediate (WTI) CLc1 dropped $1.65, or 4.25% to $37.14 a barrel.
Still, both contracts gained on the week with Brent up 5.8%, and U.S. crude rising 4.3%.