Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output. <\/p>\n\n\n\n
Fuel demand has broadly recovered from a 30% drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases are falling again as infections rise.<\/p>\n\n\n\n
Brent crude futures LCOc1 fell 23 cents a barrel to settle at $43.14 per barrel. U.S. West Texas Intermediate (WTI) crude CLc1 fell 16 cents to $40.59. Both contracts were little changed from a week earlier.<\/p>\n\n\n\n
It will be reminded that Benchmark crude fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd, starting in August. <\/p>\n\n\n\n
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Oil prices edged lower on Friday as concerns about the surge in coronavirus cases sapping fuel demand while major crude-producing nations ready increases in output. Fuel demand has broadly recovered from a 30% drop in April after nations worldwide restricted movements and businesses shuttered. Consumption remains below pre-pandemic levels, however, and fuel purchases are falling […]<\/p>\n","protected":false},"author":1,"featured_media":37029,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9271],"tags":[10415],"class_list":["post-32368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brent-crudecoronaviruscovid-19fuel-demandsoiloil-prices"],"_links":{"self":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts\/32368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/comments?post=32368"}],"version-history":[{"count":0,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/posts\/32368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/media\/37029"}],"wp:attachment":[{"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/media?parent=32368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/categories?post=32368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabadul.tv\/en\/wp-json\/wp\/v2\/tags?post=32368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}