MELBOURNE/SINGAPORE (Reuters) – Oil prices slid from nine-month highs on Friday, with soaring COVID-19 cases seen as a threat to near-term fuel demand and a strengthening of the U.S. dollar also having a negative impact.
U.S. West Texas Intermediate (WTI) crude futures slipped 14 cents or 0.29%, to $48.22 a barrel at 0757 GMT, while Brent crude futures fell 20 cents, or 0.39%, to $51.30.
More than 73.65 million people have been reported to be infected by the coronavirus globally and 1,654,920 have died, according to a Reuters tally on Friday.
The spike in cases is leading to tough restrictions on travel, impacting fuel demand and any economic recovery.
Meanwhile, there was more evidence that the world’s largest economy’s recovery from the pandemic recession was faltering as data showed the number of Americans filing first-time claims for jobless benefits unexpectedly rose last week. Read more…..
Chart of the Day
The Wall Street Journal reported Wednesday that according to internal planning documents at Exxon Mobil, the company expects oil prices will fall by 11 to 17 percent in each of the next seven years as EV’s gain momentum.