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Crude oil prices drifted lower on Friday weighed down by worries about energy demand outlook due to the surge in coronavirus cases in several countries and fresh lockdown measures.Worries about excess supply in the market due to a surge in oil exports from Libya and data showing another increase in U.S. oil-rig count too impacted oil prices.West Texas Intermediate Crude oil futures for December ended down by $0.79 or about 1.9% at $39.85 a barrel. Brent crude futures were down by about $0.75 or 1.8% at $41.71 a barrel.According to reports, crude output from Libya has exceeded 500,000 barrels per day and it is expected to increase further by the end of this month.A report from Baker Hughes said U.S. oil-rig count rose for a fifth straight week, surging up by 6 to a total of 211 this week. Meanwhile, active U.S. rig count went up by 5 to 287 in the week ending October 23.OPEC and its allies are scheduled to increase production by 2 million barrels per day from January. However, it remains to be seen whether the group will go ahead and increase output, considering the likely demand scenario in the wake of a surge in coronavirus cases and fresh lockdown restrictions in several places across the globe.According to reports, the spread of coronavirus cases in France is getting out of control. Italy is seeing a surge in new cases, and several states across the U.S. have been reporting increases in infections.The material has been provided by InstaForex Company - www.instaforex.com
Belgium business confidence improved in October, defying expectations for a weakening, survey data from the National Bank of Belgium showed on Friday. The business confidence index climbed to -8.5 from -10.8 in September. Economists had expected a score of -11.5. The survey was conducted between October 1 and 22 and reflects only partly the stricter measures decided on October 16 by the federal government as part of the efforts to tackle the pandemic.Confidence strengthened in the manufacturing industry and, very strongly, in the trade sector. Sentiment stabilized in services and in the building industry.The production capacity utilization rate rose to 76.7 percent in October from 73.3 percent in July.The material has been provided by InstaForex Company - www.instaforex.com
Taiwan's industrial production rose sharply in September and retail sales increased, data from the Ministry of Economic Affairs showed on Friday.Industrial production rose 10.73 percent year-on-year in September, following a 3.60 percent increase in August.Manufacturing output increased 11.32 percent annually in September, following a 4.06 percent rise in the previous month.Production in mining and quarrying gained 21.85 percent. Output of water supply and electricity and gas supply grew 0.95 percent and 4.10 percent, respectively.On a monthly basis, industrial production rose 2.18 percent in September, after a 2.62 percent increase in the preceding month. Data showed that retail sales rose 2.9 percent annually in September, after a 8.17 percent growth in August. This was the third consecutive rise in sales.Wholesale trade grew 8.2 percent in September and sales of food and beverages trade rose 0.3 percent.The material has been provided by InstaForex Company - www.instaforex.com
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