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Crude oil

Oil Prices Ending Week with 4% Drop

West Texas Intermediate (WTI) futures were down near 2 per cent on Friday, extending a 3 per cent fall in the previous session and getting close to end the week 4 per cent lower as investors remain concerned that a new wave of coronavirus infections in the US and worldwide will bring further lockdonws and hurt fuel demand.

On the supply side, both EIA  and API data showed a surprise build in US crude inventories last week.

Meanwhile, Brent futures traded near $41.6 a barrel and were on track for a near 3% fall for the week.

About Babajide Iletogun

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