Crud Oil Falls, Still Heads for Weekly Gain

Crude oil futures fell to trade around $41 a barrel on Friday, amid mounting concerns over fuel demand recovery as the number of coronavirus cases continue to rise worldwide.

Still, WTI crude is heading for its first weekly gain in three and the largest since June amid prospects of more production outages in Europe’s North Sea due to an oil-workers strike over pay in Norway and as Hurricane Delta in the US Gulf Coast forced energy companies to shut.

Norwegian oil company and labour officials said they will meet with a state-appointed mediator later in the day in an attempt to end a dispute that began on September 30th when wage talks between Lederne and the Norwegian Oil and Gas Association collapsed.

At the same time, investors braced for the impact on US crude production of Hurricane Delta as it forced energy companies to evacuate 183 offshore oil platforms and halt nearly 1.5 million barrels per day of output so far.

Trading Economics


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