Oil prices edge higher in volatile trading

0 Comment(s)Print E-mail Xinhua, July 25, 2020
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NEW YORK, July 24 (Xinhua) -- Oil prices finished Friday's volatile session with modest gains as coronavirus uncertainty continues to threaten demand outlook.

The West Texas Intermediate (WTI) for September delivery rose 22 cents to settle at 41.29 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery was up 3 cents to close at 43.34 dollars a barrel on the London ICE Futures Exchange.

The moves followed a downbeat session that saw both benchmarks dip about 2 percent.

"Concerns about demand have returned to the oil market," due to multiple headwinds including rising coronavirus cases in the United States, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday.

Meanwhile, the number of active U.S. rigs drilling for oil increased by 1 to 181 this week, Houston-based oilfield services company Baker Hughes reported Friday.

For the week, front-month WTI futures gained 1.3 percent and Brent rose 0.5 percent, according to Dow Jones Market Data. Enditem

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