Thu, 26 Nov 2020

Oil prices decline as demand concerns persist

Xinhua
31 Oct 2020, 06:18 GMT+10

NEW YORK, Oct. 30 (Xinhua) -- Oil prices fell on Friday as a continued surge in COVID-19 infections triggered concerned over the prospect for energy demand.

The West Texas Intermediate for December delivery lost 38 cents to settle at 35.79 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 19 cents to close at 37.46 dollars a barrel on the London ICE Futures Exchange.

The moves came as investors worried that the rise in COVID-19 cases in some major economies including the United States and Europe could hurt fuel consumption.

The global COVID-19 caseload has surpassed 45.36 million with the death toll topping 1.18 million as of Friday afternoon, showed a tally by Johns Hopkins University.

For the week, both crude benchmarks declined more than 10 percent.

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