Crude prices retreat over 1%, set for 9% monthly drop

Friday, 30. October 2020 08:36

Oil prices extended losses on Friday, falling over 1% as the rising number of COVID-19 infections continued to dominate markets.

This week saw crude prices tumble on demand concerns, confirmed by the US Energy Information Administration's weekly report that revealed a build of 4.3 million barrels in inventories.

Brent for December settlement fell 1.27% to $37.10 per barrel at 3:18 am ET. The global benchmark is down nearly 8% for the week and over 9% for the month. Meanwhile, West Texas Intermediate futures for December were down 1.47% to $35.64 per barrel, down nearly 9% for the week and more than 9% for the month.

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Breaking the News / JC