Oil rebounded as a new virus treatment showed promising results, but rising Covid-19 cases continued to weigh on the market. Oil gained 2.4% in New York on Friday but is still down for the week. The market followed stocks higher after Gilead Sciences Inc. said its remdesivir treatment cut Covid-19 mortality risk by 62%. Still, the coronavirus pandemic is far from easing around the world and the International Energy Agency said a jump in cases could derail the market recovery. “If there’s one positive today concerning oil and the virus, it’s the news about remdesivir,” said Michael Hiley, head of over-the-counter energy trading at New York-based LPS Futures. “Still, you can’t help but try and dig into the new virus numbers that come out each day.” Crude […]