7/10, 5:15 PM (Source: TeleTrader)
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Oil moves higher, still down for week

Oil prices moved higher on Friday, but were still set for weekly declines amid growing fears over a second wave of the coronavirus that could lead to more lockdown.

The United States reported a record of 65,551 daily COVID-19 infections on Thursday. However, the International Energy Agency (IEA) raised its oil demand forecast for 2020, according to a report released earlier in the day, but warned the pandemic could pose more risks.

Brent for September delivery gained 1.02% to $42.79 per barrel at 11:05 am ET. At the same time, West Texas Intermediate contracts for settlements in August jumped 1.14% to $40.07 per barrel.

Breaking the News / JC