Oil is down on the day but set for a record monthly gain
Weak US fuel demand, fears of a second wave of coronavirus cases in South Korea, and US-China tensions dragged Brent and WTI sharply lower
London — Oil prices were dragged sharply lower on Friday by weak US fuel demand, fears of a second wave of coronavirus cases in South Korea, and worsening US-China relations, but were still on track for a hefty monthly gain.
July Brent crude fell $1.16, or 3.3%, to $34.13 a barrel by 9.27am GMT while the more active August contract fell $1.11, or 3.1%, to $34.92. US West Texas Intermediate (WTI) crude was down $1.28, or 3.8%, at $32.43...