Oil falls on sluggish global recovery

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    NEW YORK- Oil prices lost about 1 percent as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns and on worries about rising crude supply.

    The euro zone’s economic recovery from its deepest downturn on record stalled this month as pent-up demand unleashed by the easing of lockdowns in July dwindled, a survey showed. By contrast, US housing and manufacturing survey data came in better than expected.

    Brent crude futures settled at $44.35 a barrel, down 55 cents, 1.2 percent. US West Texas Intermediate (WTI) crude futures settled at $42.34 a barrel, falling 86 cents, or 1.1 percent.

    Brent fell about 1 percent for the week, while WTI saw a weekly rise of nearly 1 percent.