Updated … Oil prices are dropping 4%, but they are posting weekly gains

Window to the World – Direct: Oil prices fell by more than 4 percent when settling trading on Friday, with concerns about demand, but they made weekly gains.

New closures in Europe to stem the spike in coronavirus infections have raised concerns about the outlook for demand, while markets remained alert due to the prolonged vote count in the US election.

The number of votes and trends from the US election indicates that the Republicans retain control of the Senate, while the Democrats are expected to obtain a slim majority in the House of Representatives, which dashes hopes for a large stimulus package, another factor weighing on oil.

Baker Hughes data revealed that the number of oil exploration rigs in the United States increased for the seventh week in a row.

Upon settlement, the price of US NYMEX crude futures for December delivery fell by 4.3 percent to $ 37.14 a barrel, but it achieved weekly gains of 3.8 percent.

By 7:45 pm GMT, Brent crude futures for January delivery were down 3.2 percent to $ 39.50 a barrel.