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Oil Falls With Broader Market Selloff as Virus Weighs on Demand

  • Stocks drop as coronavirus infections swept across U.S. states
  • Iran prepares to raise oil output as Biden presidency nears
U.S. Oil Industry Prioritizes Output Over Debt
Photographer: Angus Mordant/Bloomberg
Updated on

Oil snapped a three-day streak of gains alongside a broader market selloff as near-term demand risks from a resurgent pandemic clouded optimism surrounding a future vaccine rollout.

Futures fell 1.1% in New York as equities weakened, with rising Covid-19 cases threatening to strike another blow to demand as the world awaits a widely available vaccine. Prices were under pressure earlier in the session amid supply concerns after Iran said it’s preparing to raise exports in a sign the country expects the U.S. to ease some sanctions under a Joe Biden presidency.