The US President’s virus test is said to appear positive, oil fell 3% on Friday. In addition, the rejection of the US stimulus package, rising global oil production and demand concerns do not make a price recovery possible.
Brent crude LCOc1 fell by $ 1.23 per barrel, or 3%, to $ 39.70 at 0915 GMT, while WTI oil CLc1 fell by $ 1.17 per barrel, or 3% to $ 37.55.
Brent and WTI crude oil is experiencing a second consecutive week of downturn, down around 6% and 5% respectively this week.
According to the data, the crude oil supplies of the Organization of Petroleum Exporting Countries (OPEC) increased by 160,000 barrels a day in September compared to a month ago. The increase is mainly sourced by the increased supply of two countries Libya and Iran, who are exempt from the supply agreement between OPEC and OPEC + the allies led by Russia.
A Libyan oil source said on Thursday that crude oil production increased by 270,000 barrels a day as the country increased its export activities.
According to the records, new COVID-19 cases worldwide exceeded 34 million, approximately 2 million compared to the end of last week. Many countries are tightening restrictions and concerns over fuel demand are growing as infections accelerate.
As fears about global consumption volumes and rising OPEC + production grow, the positive aspects of oil may always be unfortunately limited.