Oil prices Rising From a 3-Month Low, Demand Concerns Remain

Oil futures rose again on Wednesday to compensate for some of the losses of the previous session, but the renewed growth of Covid-19 infections in some countries undermined hopes for a steady recovery of global demand.

Brent crude advanced $ 1.01, equivalent to 2.5%, to be settled at $40.79 a barrel. The benchmark lost more than 5% on Tuesday, falling below $40 for the first time since June.

US crude rose $1.29, or 3.5%, to close at $38.05 a barrel, after dropping nearly eight% in the previous session.

That raised the two benchmarks from Tuesday’s levels, near the lowest price in three months. Prices fell this week after the Saudi national oil company Aramco reduced the official selling prices for its Arab crude
Light in October, which is an indication of weak demand.