Oil falls after prices hit nine-month high as COVID-19 cases stoke demand

18.12.2020 - Davydova Maria
Oil falls after prices hit nine-month high as COVID-19 cases stoke demand

Oil prices slid on Friday, just below the nine-month highs hit overnight as rising coronavirus cases weighed on fuel demand and U.S. lawmakers debated over a $900 billion economic aid package.

U.S. West Texas Intermediate crude futures fell 0.1%, or 7 cents, at $48.29 per barrel. Brent crude futures dropped 0.3%, or 13 cents, at $51.37 per barrel. 

Both benchmarks rose on Thursday, boosted by progress on a coronavirus relief bill and a decline in the U.S. dollar. Experts said risk appetite grew as U.S. lawmakers near a coronavirus relief aid, which would boost fuel demand.

OPEC+ plans to add 500,000 bpd of supply to the market in January as the organization aims to gradually return to pre-pandemic supply levels. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 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 PROMETHEUS 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 PROMETHEUS LTD." 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?