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Oil prices fell on Friday, continuing steep losses from the previous session as concerns piled over a record surge in COVID-19 cases across the U.S., driving the black liquid for weekly declines.
Brent crude futures dipped by 0.6% (25 cents) on Friday, trading at $42.10 per barrel at 0341 GMT after it plunged more than 2% the previous day.
Brent appeared to be set for a weekly decline of almost 2%, while U.S. crude braced for a fall of more than 3%.
With governments across the globe loosening its lockdown measures, many analysts expect a rise in fuel demand to quickly recover the economy from the impact of the pandemic. However, many also share the same concerns that the daily increase of COVID-19 infections in the U.S may challenge the pace of a global recovery.
The U.S. saw a daily record of almost 60,500 new cases on Thursday, marking it as the highest for any country since the virus first appeared in China back in 2019.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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