OIL-Crude down due to resurgence of COVID-19 and strength of the dollar

0
0
OIL-Crude down due to resurgence of COVID-19 and strength of the dollar




FILE PHOTO: Image of crude oil being pumped into a field near Calgary, Canada.


© Reuters/Todd Korol
FILE PHOTO: Image of crude oil being pumped into a field near Calgary, Canada.


Por Dmitry Zhdannikov

LONDON, Oct 16 (Reuters) – Crude prices fell on Friday, pressured by a strong dollar and concerns that a surge in COVID-19 cases in Europe and the United States is reducing demand in two of the largest regions. fuel consumers worldwide.

* At 1100 GMT, December Brent crude futures were down 43 cents, or 1%, at $ 42.73 a barrel, while West Texas Intermediate (WTI) futures for November delivery were down 37 cents. , or 0.9%, at $ 40.59 a barrel.

* Both benchmarks declined the day before, but remain little changed compared to the previous week.

* “The reality is that we are now seeing a fairly active spread of the pandemic through Europe and again in North America, and that will potentially affect the recovery of oil demand,” said Lachlan Shaw of the National Bank of Australia.

* Crude also fell due to the strength of the dollar, which was heading for its best week of the month.

* A technical committee of OPEC +, a group made up of the Organization of the Petroleum Exporting Countries and its allies, wrapped up a meeting on Thursday expressing concern about the sluggish demand outlook.

(Additional reporting by Yuka Obayashi in Tokyo and Florence Tan in Singapore; edited in Spanish by Carlos Serrano)

LEAVE A REPLY

Please enter your comment!
Please enter your name here