Sun, 25 Oct 2020

Oil prices inch lower as downside risks persist

26 Sep 2020, 06:18 GMT+10

NEW YORK, Sept. 25 (Xinhua) -- Oil prices finished modestly lower on Friday, pressured by continued headwinds on the market.

The West Texas Intermediate (WTI) for November delivery lost 6 cents to settle at 40.25 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 2 cents to 41.92 dollars a barrel on the London ICE Futures Exchange.

The moves came as potential negative factors on both the demand and the supply side remain in place.

"The high numbers of new cases and renewed restrictions on mobility in Europe could drive the already low demand estimates down even further," Eugen Weinberg, energy analyst at Commerzbank Research said in a note on Friday.

He added that global crude demand is also very fragile, citing the weakness in India, the world's third-largest oil importer and consumer.

For the week, WTI crude lost 2.6 percent, based on the front-month contracts, while global benchmark Brent slipped nearly 2.9 percent. Endtiem

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