empty
 
 

2020.10.1619:10:00UTC+00Oil Futures Settle Marginally Down

Crude oil prices rebounded from the session's lows but still ended marginally down on Friday as worries about demand outlook amid the continued surge in coronavirus cases weighed on the commodity.

Several countries across Europe have imposed fresh restrictions to curb the spread of virus infections.

Several states in the U.S. are seeing a surge in new cases and increasing number of hospitalizations over the past few days.

West Texas Intermediate Crude oil futures for November ended down $0.08 or about 0.2% at $40.88 a barrel, recovering from a low of $40.08 touched around mid-morning.

WTI crude oil futures for November gained about 0.7% in the week.

According to a report from Baker Hughes, the U.S. oil-ring count rose for a fourth week in a row, with active-oils count surging up by 12 to 205.

Active drilling-rig count rose by 13 to 282 this week, the report said.

Despite lingering concerns over demand recovery, OPEC and its allies plan to taper the ongoing oil production cuts as of January 2021, as initially agreed.

OPEC's Secretary General Mohammad Barkindo said on the Energy Intellgency Forum on Thursday that keeping market stability is the top priority of the OPEC+ agreement, but added "We have no illusions this recovery will take a long time."

An OPEC+ meeting, scheduled to take place on Nov 30 - Dec 1, will decide on the group's next policy move with regard to production cuts. There is an OPEC+ meeting scheduled for Nov. 30 to Dec. 1 to set policy.

  • 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 $1000 more!
    In April we raffle $1000 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