Oil falls on mounting COVID-19 cases, supply concerns
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.
U.S. fuel consumption remains sluggish as the pandemic constrains travel and hampers economic recovery.
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.
Reference: CNBC
Thai
Eng