Oil prices edged higher on Friday but remained on track for a second monthly fall amid concerns that a continued surge in coronavirus cases and tighter lockdown measures in several countries could curb fuel demand.
Benchmark Brent crude edged up 11 cents, or 0.3 percent, to $38.37 a barrel, after having hit a five-month low in the previous session. U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.3 percent, at $36.30.
As winter approaches in the northern atmosphere, people are worried over dual infection of flu and the novel coronavirus.
With new coronavirus cases in the U.S. setting a daily record and some European cities entering lockdowns again, a double-dip looks unavoidable.
The picture is also clouded by uncertainty surrounding futures oil supply policy, signs of a growing global oil supply glut and the U.S. fiscal stimulus stalemate.
Recent data from the Energy Information Administration showed crude inventories in the U.S. to have increased for the first time in three weeks.
The material has been provided by InstaForex Company – www.instaforex.com