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  /  News   /  Futures Movers: Oil settles at a 7-week low as rising Europe COVID cases may hurt on demand

Futures Movers: Oil settles at a 7-week low as rising Europe COVID cases may hurt on demand

Crude-oil prices on Friday skidded lower, in response to a fresh lockdown in Austria, and rising cases in Europe, which could eventually chip away at demand for the commodity should more countries impose COVID-19 restrictions.

“Sentiment has turned bearish in Europe as Austria reimposing lockdowns has reminded investors that COVID waves can still disrupt the world economy,” said Colin Cieszynski, chief market strategist at SIA Wealth Management, in a daily note. 

On…

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