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Crude Oil Prices Head for Weekly Loss

Crude oil futures fell nearly 0.4% to trade around $40.5 a barrel on Friday, heading for a weekly loss of less than 1% amid mounting concerns over fuel demand recovery as the number of global coronavirus infections continue to rise with several countries including the UK, Spain, Italy and the US state of Utah imposing fresh restrictions.

On the supply side, Russian President Vladimir Putin said he was prepared to extend record supply as cases of COVID-19 surge in the US and Europe.

Putting a floor under prices were coronavirus vaccine news and prospects of further stimulus in the US. American pharmaceutical company Gilead Sciences received US FDA approval for its antiviral therapy.

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