Oil sinks to five-month low, posts worst week since April on demand concerns
Oil prices fell more than 1% on Friday, extending losses and on track for a second monthly fall, on growing concerns that the rise in COVID-19 cases in Europe and the United States could hurt fuel consumption.
Brent crude slipped for a third day and settled 19 cents, or 0.5%, lower at $37.46 per barrel, after touching a five-month low in the previous session. December Brent contract expires on Friday.
U.S. West Texas Intermediate (WTI) crude settled 38 cents, or 1.1%, lower at a five month low of $35.79 per barrel.
Prices had swung between parity and a more than 2% decline during Friday’s session as the “market is anxious” over renewed lockdowns in Europe and U.S. elections next week, a Singapore-based oil trader said.
OCBC’s economist Howie Lee said: “Selling pressure is piling up again.”
“Numbers don’t look good fundamentally and lockdowns not helping.”
Reference: CNBC
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