Oil prices fall amid COVID-19 concerns

0 Comment(s)Print E-mail Xinhua, October 17, 2020
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NEW YORK, Oct. 16 (Xinhua) -- Oil prices moved lower on Friday amid renewed concerns over the COVID-19 pandemic.

The West Texas Intermediate (WTI) for November delivery lost 8 cents to settle at 40.88 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 23 cents to 42.93 dollars a barrel on the London ICE Futures Exchange.

The "price slide was attributable to the growing concerns about new large-area lockdowns as coronavirus continues to spread rapidly, particularly in Europe," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Friday.

More than 39 million COVID-19 cases have been reported globally with deaths surpassing 1.1 million as of Friday afternoon, according to a tally by Johns Hopkins University.

For the week, front-month contract for WTI futures rose 0.7 percent, while Brent climbed 0.2 percent. Enditem

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