Brent crude closed at $38.73 a barrel, while U.S crude oil futures settled at $36.26 a barrel, by the end of the week’s trading session on Friday night. Both benchmarks for crude printed weekly declines of about 8% – their first after six weeks of bullish run that rallied crude prices off April’s lows. The recent dip is as a result of fears that a second wave of the coronavirus pandemic will disrupt the market once more. “This market is at a crossroads. If demand continues to improve, the oil market has a lot more to go on the upside,” said Phil Flynn, senior analyst at Price Futures Group. “If we get into a situation where we start to take steps back with the coronavirus, the market is going to go down.” In addition, U.S. crude oil inventories surged to a record of 538.1 million barrels, as cheap imports from the Saudis flooded the American oil market. Why OPEC+ decided to cut oil production: Demand for crude oil dropped, in spite of a deal brokered by the Saudis, Russians, and oth