Oil Prices Slip on Friday as Resurgence of Covid-19 Cases in Europe Drags the Market Down

Oil Prices Slip on Friday as Resurgence of Covid-19 Cases in Europe Drags the Market Down.

Oil prices slipped on Friday as the resurgence of Covid-19 cases in Europe and the United State dragged the market sentiment and demand down.

 

As of 14:30 local time in Thailand (GMT+7), Brent Crude Futures for December dropped 1.16% to $42.66 per barrel, while U.S. West Texas Intermediate (WTI) Crude Futures for November fell 1.05% to $40.53 a barrel.

The plummet in both benchmarks was due to concerns over a drop in demand as Europe reported of rising coronavirus cases, whereas Britain will enter another lockdown, and the cases in America that remained high, coupled with the delay of stimulus bills.

Safe assets such as the dollar is heading for its best week of the month as investors avoided investing in risk assets.

 

Amid concerns over rising oil supply, OPEC+ is set to reduce its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January.

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