- WTI futures remain near multi-month lows at $ 35.
- Oil prices are down around 11% on the week due to coronavirus concerns.
- Baker Hughes reports sixth consecutive weekly rise in US oil rigs.
WTI futures for the first month They remain near multi-month lows at $ 35.35 set for a weekly 11% decline as the release of Baker Hughes oil rig data has offered no support.
Oil prices plummet on fears of further lockdowns
US West Texas Intermediate is down this week, due to concerns about the impact on global demand as COVID-19 cases rise in the US and Europe. The new blockades introduced in France and Germany, and Spain stated that regional blockades have driven negative pressure on oil prices.
Beyond that, Baker Hughes reported that the number of active oil rigs in the US increased from 10 to 221. These figures confirm the sixth consecutive increase in the oil rig count, adding to concerns about oversupply. as the second wave of the pandemic accelerates.
Earlier today, news that Kuwait would back any OPEC + decision regarding cuts in oil production has offered a respite to the price of crude and allowed the WTI to break above $ 36 for a brief period before returning to the bottom of the $ 35 range.
Oil producers are divided over the idea of Russia and Saudi Arabia to extend the current production cuts of 7.7 million barrels per day until next year, which is further affecting prices.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
