empty
 
 

2020.09.1819:00:00UTC+00Oil Futures Rebound To Close Higher, Gain About 10% In Week

Crude oil futures settled higher on Friday as prices edged up despite a surge in coronavirus cases raising uncertainty about pace of economic recovery and causing worries about outlook for energy demand.

However, recent data showing a sharp drop in U.S. crude stockpiles, and the OPEC and allies's move to press for better compliance with output cuts supported oil prices.

West Texas Intermediate Crude oil futures for October ended higher by $0.14 or about 0.3% at $41.11 a barrel, recovering from a low of $40.30 a barrel.

WTI crude oil futures added about 10% in the week.

Brent crude futures advanced $0.55 to $42.75 a barrel, recording a gain of almost 7.5% for the week.

Oil prices were lower earlier in the session, weighed down by an announcement from Libya about lifting of its blockade of oil output for one month.

Reports about U.S. oil producers readying rigs in the Gulf of Mexico weighed as well. However, with the possibility of a tropical depression hitting the northern part of Gulf of Mexico, oil facilities could face some disruptions over the next few days.

A report from Baker Hughes today said oil rig count in the U.S. dropped by one this week to 179, the lowest count since mid-August.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback