Oil pared its weekly gain as a resurgent pandemic raised the risk of further demand destruction, while the market awaits the outcome of a tightly contested U.S. election. Futures in New York dropped 4.3% on Friday, the largest one-day decline in more than a week. Increasing expectations over OPEC+ delaying its planned output increase in January and a post-election rally in equities helped crude prices with a strong start to the week. But a string of renewed lockdowns in Europe and record case counts in the U.S. kept any upward price momentum in check. Conflicting themes have emerged over what the prospect of a divided government means for the oil market with Democrat Joe Biden appearing to be on the brink of victory in the U.S. presidential race. A split Congress […]