Oil Prices Record Weekly Losses

Oil prices declined on Friday, on expectations of increased crude output from Libya and uncertainty about the impact from the second wave of the Coronavirus pandemic.

Brent crude futures for December delivery closed lower by 69 cents, or 1.6%, at $41.77 per barrel.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for December delivery plunged by 79 cents, or 1.9%, giving up by the $40 level and settling at $39.85 per barrel, its lowest closing level since October 12.

On the weekly level, Brent futures fell by 2.7%, while WTI lost 2.7%.