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Oil Dives the Most in Six Weeks, Exposing Fragile Recovery

  • WTI falls 8.2% in biggest one-day drop since late April
  • Second wave of coronavirus could be taking hold in some states
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Oil Demand Recovering, But Jet Fuel Not Returning Soon, Currie Says
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Oil fell the most since late April as economic uneasiness iced U.S. stock markets, threatening to spoil crude’s recovery from a historic drop below zero.

The market is grappling with record high U.S. oil inventories and an uneven demand rebound as signs mount that a second wave of the pandemic could be taking hold in some states. U.S. jobless claims remained high, underscoring longer-term macroeconomic challenges a day after the Federal Reserve provided a grim outlook for the economy. Oil’s recovery has been driven by production cuts and the easing of pandemic-related lockdowns.