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Oil Loses Half of its Weekly Gains on Friday

M. Ali 7 November, 2020 1:36 am Commodities, Market Update

Oil prices declined on Friday, with growing concerns about the new wave of the Coronavirus pandemic.

New lockdown and preventive measures announced by some countries are raising concerns about the recovery of the global demand for energy.

Brent crude futures for January delivery declined by $1.48, or 3.6%, to finish at $39.45 per barrel.

For the week, the global benchmark added 4%.

Meanwhile, the West Texas Intermediate (WTI) futures for December delivery closed lower by $1.65, or 4.3%, at $37.14 per barrel, recording a weekly increase of 3.8%.

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