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Oil Prices Post Weekly Losses

M. Ali 26 September, 2020 12:06 am Commodities, Market Update

Oil prices declined on Friday, amid concerns about the rising number of COVID-19 cases spurring a negative outlook the global demand recovery.

The decline also comes after data showed an increase in active oil rigs in the United States.

Brent futures for November delivery closed lower by 2 cents, or 0.05%, at $41.92 per barrel, while December futures fell by 5 cents, or 0.1%, to settle at $42.41 per barrel.

The West Texas Intermediate (WTI) futures for November delivery decreased by 6 cents, or 0.2%, to finish at $40.25 per barrel.

Brent futures registered a 2.9% weekly decline, while WTI futures posted a 2.6% weekly loss.

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