Oil Has Worst Month Since March After Covid Surge Hurts Recovery

Infections spike in the U.S.; Europe faces tighter measures
WTI prompt spread has weakest close since early September

Short Sellers Take Aim at Emerging-Market Bonds as Oil Sinks — Photographer: Andrey Rudakov/Bloomberg

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By Andres Guerra Luz

October 29, 2020 at 6:21 PM EDT

Updated on

October 30, 2020 at 4:00 PM EDT

This article is for subscribers only.

Oil posted its largest monthly drop since March as renewed lockdown measures to contain the coronavirus threatened to upend a shaky demand recovery.

Futures fell 1.1% in New York on Friday to end the week below $36 a barrel taking their cue from a broader market selloff and the worst week for U.S. stocks since March. At the same time, the U.S. posted a record surge in daily coronavirus infections, while new restrictions in Europe could drive the region toward another recession.