Oil fell toward $40 a barrel as the prospect of a resurgent virus forcing more stay-at-home measures in Europe and the U.S. outweighed a bigger-than-expected drop in American stockpiles. (Bloomberg) — Oil fell toward $40 a barrel as the prospect of a resurgent virus forcing more stay-at-home measures in Europe and the U.S. outweighed a bigger-than-expected drop in American stockpiles. Futures in New York dropped around 1% Friday and is down slightly for the week. The Energy Information Administration reported a 3.8 million barrel decline in crude inventories and distillate stockpiles fell by the most since 2003, spurring optimism supply in the world’s largest economy is tightening. Covid-19 is surging in Europe, however, with tighter restrictions being imposed in London and Paris. In the U.S., cases are spiking again in the Midwest, while applications for state unemployment benefits unexpectedly jumped last week to the highest since August. Adding to […]