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Oil gains amid coronavirus demand concerns

Category: Economy

Date: 2020-09-25T07:03:13+0000
Oil gains amid coronavirus demand concerns

Shafaq News / Oil prices rose today, Friday, amid concerns about the global resurgence of coronavirus infections and its effects on fuel demand, in addition to data that showed a decline in US oil stocks.

On Friday morning Brent crude LCOc1 was up $42.17 a barrel,  0.55% from the previous settlement price.

 While U.S. West Texas Intermediate (WTI) crude CLc1 gained 0.6% cents to $40.55 a barrel.

Oil prices showed gains today in light of investor hopes for a recovery in global demand for crude, as they expect that some countries will abandon the restrictions due to the Covid-19 Oil prices.

U.S. fuel demand remains in the doldrums as the pandemic constrains travel. The four-week average of gasoline demand last week was 9% below a year earlier, government data showed on Wednesday.

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