Baghdad, There has been no significant change in oil, and recorded the first weekly loss since April, as the number of new cases of Coronavirus increased in the United States, fueling fears that a second wave of the virus could harm oil demand.

And Brent was settled at $ 38.73 a barrel, up 18 cents, while West Texas Intermediate was settled at $ 36.26 a barrel, down eight cents.

The both benchmarks recorded a weekly decline of about eight percent, the first after 6 weeks of gains, which rise prices from the low levels reached in April.

The rally of rise was stalled due to fears that the Coronavirus pandemic may be far from over, while about 6 US states registered leaps in the numbers of new infections.

Meanwhile, US crude inventories rose to a record low of 538.1 million barrels as cheap imports from Saudi Arabia flowed into the country.

The increase came despite US producers and OPEC and its allies cutting supplies.

Baker Hughes Oil Services said the number of US oil rigs operating, an indicator of future supply, had fallen by 7 to 199 this week.

“OPEC +” reduced supplies by 9.7 million barrels per day, or about 10 percent of the volume of demand before the pandemic, and agreed at the weekend to extend the reduction period.

Source: National Iraqi News Agency

Related Post

Leave a comment