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Oil Futures Settle Lower On Demand Growth Concerns

Oil Futures Settle Lower On Demand Growth Concerns

Crude oil prices settled modestly lower on Friday, weighed down by concerns about outlook for energy demand due to rising coronavirus cases and reports of fresh lockdown measures in several countries.

Reports about resumption of crude exports from Libya weighed as well on oil prices.

Recent data showing a drop in crude inventories in the U.S. helped limit oil’s decline a bit.

West Texas Intermediate Crude oil futures for November ended down $0.06 or about 0.2% at $40.25 a barrel.

WTI Crude oil futures shed about 2.6% in the week.

Brent Crude futures were lower by $0.07 at $41.87 a barrel.

According to Baker Hughes, the oil-drilling rigs count in the U.S. moved up for the first time in three weeks, rising by 4 this week to 183.

According to reports, coronavirus cases in the U.S. topped 7 million, accounting for more than 20% of the world’s todal.

In Europe, health officials have warned of the risk of a potentially lethal “twindemic of Covid-19 and the flu.”

Meanwhile, the cumulative tall of coronavirus infections in Spain crossed 70,000 on Thursday. France too reported a surge in new cases. The U.K. reported the highest number of new coronavirus cases in a single day since the start of the pandemic.

The material has been provided by InstaForex Company – www.instaforex.com