Crude oil

Oil Prices Stuck Near US$40 in 4 Months

Crude oil futures have been stuck near $40 a barrel in the last four months amid mounting concerns over fuel demand recovery as the number of coronavirus infections continue to rise worldwide.

Oil markets were also under pressure, as energy companies in the US Gulf Coast began restoring output after Hurricane Delta was downgraded to a post-tropical cyclone.

At the same time, an oil-workers strike over pay in Norway ended. Norwegian oil firms have struck a wage bargain with labour union officials, ending a dispute that began on September 30th that had threatened to cut the country’s oil and gas output by close to 25%.

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