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.