Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers.

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Oil prices rose more than 1% on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well.

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Oil prices slipped on Thursday on concerns that a spike in new coronavirus cases in China and the United States could dampen a recovery in fuel demand, even as lockdowns ease.

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Oil prices declined on Wednesday as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand.

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European wholesale spot power fell on Tuesday, as demand forecasts stayed flat and solar power supply rose. Year-ahead prices also rose on the back of higher carbon and fuel prices.

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Oil prices made marginal gains on Tuesday, reversing out of earlier losses, as hopes for further cuts in crude supplies took the sting out of concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand.

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Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

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Oil prices fell on Friday, extending big losses from overnight as U.S. coronavirus cases surged this week and raised the prospect of a second wave of the COVID-19 outbreak hitting demand in the world’s top consumer of crude and fuel.

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Oil prices fell by about 4% on Thursday on worries about slow demand growth as coronavirus cases rise, with U.S. crude stockpiles hitting an all-time high and the U.S. Federal Reserve saying recovery from the pandemic could take years.

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