Energy

Oil falls to six-week low on lockdown concerns

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Oil pumping jacks, also known as “nodding donkeys”in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.

Bloomberg | Bloomberg | Getty Images

Oil prices fell to a six-week low on Friday as new Covid lockdowns sparked demand concerns just as industry players signal a return of supply.

But for consumers looking for some reprieve at the pump, the declines aren’t likely to immediately translate into lower gas prices. The national average for a gallon of gas stood around a seven-year high of $3.41 on Friday, according to AAA. That’s up from $3.34 one month ago, and $2.12 last year.

The U.S. benchmark for oil sank more than 4% to a session…



Source cnbc.com

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