Tue. Oct 27th, 2020

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Oil prices plummet

1 min read

Crude oil

Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in Covid-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions.

Brent crude futures for December dropped 22 cents, or 0.5%, to $42.94 a barrel by 0154 GMT, while U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 16 cents, or 0.4%, to $40.8 a barrel.

Both benchmarks fell slightly the previous day; however, they are headed for small gains for the week.

A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, a group know as OPEC+, ended a meeting on Thursday expressing concerns about rising oil supply as social restrictions to curb the spread of Covid-19 limit fuel usage.

he bearish demand outlook and rising supply from Libya may mean OPEC+ could roll over the existing cuts into next year, OPEC+ sources said on Thursday.

There is an OPEC+ meeting scheduled for Nov. 30 to Dec. 1 to set policy.

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