Oil drops as virus surge sparks demand fears; on track towards weekly gain

13.11.2020 - Petr Mazaylo
Oil drops as virus surge sparks demand fears; on track towards weekly gain

Oil prices were seen struggling during their early trade on Friday. This followed after an increase in new coronavirus infections sparked concerns about the global economy and short-term fuel demand. But with vaccine optimism still in the air, oil prices were expected to record another week of gain.

After shedding 0.8% on Thursday, U.S. West Texas Intermediate (WTI) crude futures recorded a 1.0% drop on Friday. Meanwhile, Brent crude fell further with a 0.8% decrease, following its 0.8% drop monitored the previous day. Despite their weak sessions, both were on track for about a 10% surge this week.  

Data from the United States had wrought in more pressure as crude inventories advanced by 4.3 million barrels last week. The figure came larger than the expected fall of 913,000 barrels.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?