USOIL chart - Trading View
Oil prices fell in early trade on Friday, extending weakness for the 3rd straight session.
A spike in the number of COVID-19 infections across the globe raised fears for the economic recovery and near-term fuel demand.
U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 1.0%, to $40.72 a barrel by 0120 GMT, after closing 0.8% lower on Thursday. Brent crude was down 36 cents, or 0.8%, at $43.17.
Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said earlier this week that the OPEC+ deal could be adjusted to push out oil output boost well into the second quarter of 2021.
The output boost was set to take effect on January 1st. OPEC+ will meet on November 30th and December 1st to decide and finalize the oil output strategy.
Markets largely ignore OPEC+ news. As price grinds lower, cloud is seen as offering strong support at 39.95. Breach below could see more weakness.
