Oil prices steady over COVID-19 uncertainties

25.09.2020 - Petr Mazaylo
Oil prices steady over COVID-19 uncertainties

Oil prices remained unchanged earlier on Friday but is expected for a weekly fall over concerns that a global resurgence of COVID-19 infections could hit fuel demand, with Libya also returning to add to the supply.

Brent crude fell by 2 cents, exchanging hands at $41.92 per barrel at 0113 GMT (0913 PM ET), while U.S. West Texas Intermediate (WTI) crude gained 3 cents, trading at $40.34 per barrel.

Brent is on track for a 3% slump this week, while U.S. crude expected to fall by 2%. Both benchmarks are also forecasted for a monthly decline, making it the first for Brent in six months.

A resurgence of COVID-19 cases has put a dent in demand, with the United States, the biggest oil consumer in the world, having the highest death toll. Other countries have also seen an increase in COVID-19 cases and have re-established lockdowns which will likely limit demand for travel and fuel.

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