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Oil prices down for a 2nd week this month

Oil futures in New York fell 3.2% last week, the second weekly decline for the month, in a sign that oil's recovery is on shaky ground with a surge in US coronavirus cases threatening energy demand. "If infections and hospitalizations rise even more and a second wave becomes a reality, the market will get depressed again with demand declining," Rystad Energy said, while some analysts are even bracing for a "double-dip" in oil prices.

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