Oil prices fall amid low demand

Oil prices, on Friday, fell again due to lowered demand as coronavirus cases resurge across the world.

Brent crude future share index witnessed a downward trend and were down 37 cents, or 0.9 per cent, at US$ 42.77 a barrel, whereas U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.8 per cent, to US$ 40.31 a barrel.

The fall in petroleum prices comes as coronavirus cases across the globe experience a significant increase with more than 50,000 COVID-19 cases reported in a day in US alone, resulting in lower fuel demands world-wide.

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Prior to this, both Brent and WTI reflected a 2 per cent increase as US employment and job data unexpectedly stabilized, which essentially reflected in oil prices as well.

Both the benchmarks are up by up 4.3 per cent and WTI is up 4.7 per cent for the week.