Oil Prices Rise But India’s Coronavirus Infections limit Gains

Oil prices advanced on Friday, May 14, erasing some of the sharp losses incurred in the previous session, as stock markets rose, but the gains were limited by the situation of the Coronavirus in India, the big consumer of crude and the resumption of pipeline work in the United States.

By 09:57 GMT, Brent crude futures increased 66 cents, equivalent to 1%, to $ 67.71 a barrel, and US West Texas Intermediate crude rose 63 cents, or 1%, to $ 64.45 a barrel.

Prices of both grades fell 3% on Thursday, and are heading to record their first weekly loss in three weeks.

Oil prices are under pressure this week due to the rise in cases of Coronavirus in India, as well as concerns that the highly contagious strain that was first discovered there is spreading to other countries.