Oil prices inch lower as demand forecasts reduced, supply rises

0 62

Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.

Brent crude LCOc1 fell 19 cents, or 0.4%, to $44.77 by 11:38 a.m. EDT (1538 GMT), but still heading for a rise of 0.9% this week. U.S. West Texas Intermediate CLc1 was down 19 cents, or 0.5%, at $42.05 and was on track for a 2% rise.

You might also like