Oil Prices Fall On Demand Worries

(RTTNews) - Oil prices fell on Friday as rising Covid-19 cases in several countries fueled uncertainty about global recovery in fuel demand.

Benchmark Brent crude fell 46 cents, or 1.1 percent, to $42.91 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 1 percent, at $40.36 a barrel.

The two benchmark contracts fell about 1 percent on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August.

The United States reported more than 77,000 new Covid-19 cases on Thursday, while the number of deaths in a 24-hour period rose by nearly 1,000. Florida, South Carolina and Texas all reported their biggest one-day spikes.

Spain and Australia reported their steepest daily jumps in more than two months, while in Brazil, cases are surging by tens of thousands every day.

India crossed one million coronavirus cases even as the overall recovery rate continued to improve.

On the positive side, Russia Energy Minister Alexander Novak said on Thursday that global oil demand would rise significantly next month and improve to 10 percent of the levels that the world saw prior to the coronavirus pandemic.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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