Oil prices fall on second day as coronavirus cases surge amid stimulus talks

20.11.2020 - Davydova Maria
Oil prices fall on second day as coronavirus cases surge amid stimulus talks

U.S. oil prices dropped on Friday, falling for a second day as worries that rising coronavirus infections and new lockdowns will hit demand. Still, prices were supported by signs that Washington is working on a stimulus deal.

U.S. West Texas Intermediate fell 0.2%m or 9 cents, at $41.65 per barrel. Brent crude is yet to trade, but both contracts are on course for a third week of gains.

U.S. hospitalization of COVID-19 patients rose almost 50% in the last two weeks, prompting new lockdowns to curb the escalating numbers of infections.

OPEC+ members are reported to plan on delaying a 2 million bpd increase in production starting January to counter the fall in demand.

OPEC and its allies including Russia are set to meet on Nov. 30 and Dec. 1 to discuss its output policy. 

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