Open Demo Account
Home / Market Update / Commodities / Oil Prices Record More than 7% Weekly Loss

Oil Prices Record More than 7% Weekly Loss

M. Ali 2 October, 2020 11:51 pm Commodities, Market Update

Oil prices declined on Friday, as markets are still reacting to the news of the President of the United States, Donald Trump, and his wife, testing positive for COVID-19, as well as an increase in US drilling rigs.

Crude prices remain impacted by fears of a gloomy demand outlook.

Brent crude futures for December delivery fell by 4.1%, or $1.66, and closed at $39.27 per barrel, its lowest finishing level since June 12, losing 7.4% for the week.

Meanwhile, the US West Texas Intermediate (WTI) crude futures for November delivery decreased by $1.67, or 4.3%, and settled at $37.05 per barrel, nearly doubling its weekly losses to 8%.

Tags

Check Also

U.S. Stocks Climb on Economic Optimism, Fed Signals,

Strong Labor Market Fuels Market Confidence U.S. stock markets have shown resilience, climbing steadily during …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends