UPDATE 8-Oil falls on mounting COVID-19 cases, supply concerns

Reuters

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    * U.S. records over 7 mln COVID-19 cases, Midwest outbreak
surges
    * Shell books tanker to load crude at Libya's Zueitina oil
port
    * U.S. drillers add rigs for second week, still down for 7th
quarter -Baker Hughes

 (Updates prices, market activity and comments to settlement)
    By Laila Kearney
    NEW YORK, Sept 25 (Reuters) - Oil edged lower on Friday,
falling more than 2% on the week as COVID-19 cases surged
globally and oil supply is set to rise in coming weeks.
    Brent crude futures  LCOc1  settled at $41.92 a barrel, down
2 cents, while U.S. West Texas Intermediate (WTI) crude futures
 CLc1  lost 6 cents to $40.25 a barrel. 
    Brent dropped 2.9% for the week and WTI sunk 2.1% 
    "There is this second wave of fear overhanging the oil
market at this point and that's holding us back," said Phil
Flynn, senior analyst at Price Futures Group in Chicago. 
    In the world's top oil consumer the United States,
infections are rising in the Midwest, while New York City, which
was hit hardest in the spring, is considering renewed shutdown
mandates. More than 200,000 people have died of the virus in the
nation.  urn:newsml:reuters.com:*:nL2N2GM02L
    U.S. fuel consumption remains sluggish as the pandemic
constrains travel and hampers economic recovery.  urn:newsml:reuters.com:*:nL2N2GK1XW.
The four-week average of gasoline demand last week was 9% below
a year earlier.  urn:newsml:reuters.com:*:nL2N2GK100
    In other parts of the world, daily increases of coronavirus
infections are hitting records and new restrictions are being
put in place to limit travel.  urn:newsml:reuters.com:*:nL8N2C60GZ
    In India, throughput by crude oil refiners in August fell
26% from a year ago, most in four months, as demand ebbed
because the pandemic is hindering industrial and transport
activity.  urn:newsml:reuters.com:*:nL3N2GM0F0       
    At the same time, more crude oil entering the global market
threatens to beef up supply and push prices lower. The U.S. oil
and gas rig count rose by six to 261 in the week to Sept. 25,
energy services firm Baker Hughes Co  BKR.N  said.  RIG/U 
    Libya has recently boosted production and Shell  RDSa.L  has
provisionally booked the first crude tanker to load at Libya's
Zueitina terminal since January.  urn:newsml:reuters.com:*:nL5N2GM22V
    Iranian oil exports, meanwhile, have risen sharply in
September in defiance of U.S. sanctions, three assessments based
on tanker tracking showed.  urn:newsml:reuters.com:*:nL5N2GM3OH
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
CHART: U.S. oil may edge up into $40.81-$41.49 range   
 urn:newsml:reuters.com:*:nL3N2GM0RQ
CHART: Brent oil neutral in $41.60-$42.12 range     urn:newsml:reuters.com:*:nL3N2GM0D6
GRAPHIC: India's crude processing, fuel demand     https://tmsnrt.rs/3j0m2QH
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Additional reporting by Noah Browning and Aaron Sheldrick;
Editing by Marguerita Choy, Louise Heavens and Timothy Gardner)
 ((Laila.kearney@thomsonreuters.com; (917) 809-0054))

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