Oil prices did not change on Friday, with trade marked by growing uncertainty about the global recovery in fuel demand as new cases of COVID-19 increase in various countries, just as major producers prepare to loosen production restrictions.
US West Texas Intermediate (WTI) crude futures rose 1 cent to $ 40.76 a barrel at 0204 GMT, while Brent crude futures held steady at $ 43.37 a barrel. Both were still on track to end the week slightly.
On Thursday, the United States reported at least 75,000 new cases of COVID-19, a new daily record. Spain and Australia reported their steepest daily jumps in more than two months, cases continued to increase in India and Brazil intensified the blockade measures.
The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC +, agreed to cut record supply cuts of 9.7 million barrels per day ( bpd) imposed earlier this year for about 2 million bpd in August.
From News 18
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