• Oil futures lost ground at press time, prompting prices to turn lower for the week, as an accelerating rise in COVID-19 cases in the U.S. and Europe heightens worries about demand for crude. West Texas Intermediate crude for November delivery fell 58 cents, or 1.4%, to $40.38 a barrel on the New York Mercantile Exchange, December Brent crude was…
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This Week’s Market Buzz
Oil prices turned higher as investors weighed data showing a drop in U.S. crude supplies against the Organization of the Petroleum Exporting Countries’ decision not to freeze production. The U.S. data demonstrated how more than a year of low prices and spending cutbacks by oil companies are leading to shrinking supplies, helping reduce the oversupply of crude oil without intervention…
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Light, sweet crude for May delivery is currently trending at $37.26 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, is at $39.43 a barrel on ICE Futures Europe.
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