Brent Crude Heads for 2nd Week of Gains

Brent crude futures traded around $44.8 per barrel on Friday, heading for a gain of about 1% this week, as oversupply concerns eased on the back of US data showing crude oil, gasoline and distillate inventories all fell last week amid higher production and fuel demand.

Meanwhile, the gains were curbed after the IEA cut its 2020 oil demand forecast for the first time in several months, following a similar move from the OPEC.

Uncertainty over whether US lawmakers would strike an agreement on a new coronavirus relief package also weighed.

Investor focus will turn to an OPEC meeting next week, although Russian Energy Minister Alexander Novak said he does not expect quick decisions on output cuts.
Trading Economics


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