LONDON (Reuters) - Oil prices fell on Friday, dragged down by concerns that a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions, while a stronger U.S. dollar also pressured prices.
Brent crude futures for December LCOc1 were down 73 cents, or 1.7%, at $42.43 a barrel by 1226 GMT and U.S. West Texas Intermediate (WTI) crude futures for November delivery CLc1 slid 66 cents, or 1.7%, to $40.30.
“The reality is that we’re now seeing a pretty active spread of the pandemic across Europe and it’s spreading again in North America, and that potentially will weigh on oil demand recovery,” said Lachlan Shaw, head of commodity research at the National Bank of Australia.
Some European countries were reviving curfews and lockdowns to fight a surge in new coronavirus cases, with Britain imposing tougher COVID-19 restrictions in London on Friday.
“Although we will are unlikely to enter such deep lockdowns as in the pandemic’s first wave, we still see restrictions, and they do have an effect in every aspect of our lives, including fuel consumption,” said Rystad Energy analyst Paola Rodriguez-Masiu.
Crude also fell as the dollar headed towards its best week in a month. [FRX/]
A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, a group know as OPEC+, ended their meeting on Thursday expressing concerns about a weak demand outlook.
OPEC+ is set to ease its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January.
Reporting by Dmitry Zhdannikov; Additional reporting by Yuka Obayashi in Tokyo and Florence Tan in Singapore; Editing by David Goodman and Louise Heavens
"oil" - Google News
October 16, 2020 at 09:09AM
https://ift.tt/3j4ZzB5
Oil slides on COVID-19 resurgence and strong dollar - Reuters
"oil" - Google News
https://ift.tt/2PqPpxF
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Oil slides on COVID-19 resurgence and strong dollar - Reuters"
Post a Comment