Oil Prices Fall on Demand, Oversupply Concerns

WTI crude futures fell nearly 1% to trade around $40.4 per barrel on Friday, as investors fear that fuel demand could take more time to recover amid a surge in coronavirus cases, while oversupply concerns also persisted.

On Thursday, the US reported at least 75,000 new COVID-19 cases, a new daily record, while cases continued to soar in India and Brazil. Also, Spain and Australia reported their steepest daily jumps in more than two months.

At the same time, OPEC+ agreed to trim record supply cuts of 9.7 million barrels per day (bpd) imposed earlier this year by 2 million bpd starting in August.

Brent crude futures traded at $43 a barrel, also down nearly 1% from the previous session.
Trading Economics


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