Oil retains losses as investors focus on coronavirus crisis

Oil prices drifted lower in electronic trading Friday, amid the closure of US markets in observance of Independence Day holiday, as investors awaited on the "Corona" virus crisis.

The US Energy Information Administration (EIA) showed on Wednesday that the US crude inventories fell 7.2 million barrels during the past week.

Coronavirus infections surged in several US states, which forced some state governors to abandon their plans to fully reopen commercial and economic activities.

Oil surged yesterday and posted weekly gains, on a strong monthly jobs report that showed the US economy has added 4.8 million new jobs in June, beating forecasts of 3 million jobs.

West Texas spot futures fell 0.8% to $40.32  a barrel, after it hit closed yesterday at $40.65, and posted 5.6% weekly gain.

Brent slipped less than 0.1% to $42.7 a barrel, after it closed on Thursday at $43.14, with 5.2% weekly gain.