Oil on track for weekly losses as virus persists

Friday, 25. September 2020 16:01

Oil prices were on track to post weekly declines on Friday amid demand concerns as the number of coronavirus infections worldwide continued to rise.

Meanwhile, the possibility of a return of Libyan crude exports also dampened sentiment, as earlier this week oil terminals at Hariga, Brega, and Zueitina all opened for business following months of blockade.

Brent for November delivery was down 0.33% to $41.80 per barrel at 9:44 am ET, but was down 2.67% for the week. A minute later, West Texas Intermediate for settlements in the same month fell 0.69% to $40 per barrel. WTI was down 1.59% for the week.

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Breaking the News / JC