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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
Oil prices edged higher on Friday after European factory figures beat expectations, helping offset lingering demand concerns amid a continuous surge in Covid-19 cases. Benchmark Brent crude rose 28 cents, or 0.7 percent, to $42.74 a barrel, while U.S. crude futures were up 22 cents, or half a percent, at $40.84.While the euro area private sector returned to negative territory for the first time since June, manufacturing output growth accelerated to the fastest since February 2018 in October, flash survey data from IHS Markit showed today. Oil's upside remain capped by worries about the outlook for fuel demand amid increasing evidence that the coronavirus pandemic is worsening in Europe.According to a Reuters tally, the coronavirus cases reported in Europe more than doubled within 10 days and exceeded 200,000 daily infections for the first time on Thursday.Both Germany and France saw their daily Covid-19 infections hit new highs on Thursday. A curfew has been imposed from 12:30 a.m. until 5:00 a.m. in Greece.The U.K., Ireland and other nations have extended their restrictions in a bid to contain the spread of the pandemic.Spain's Health Minister Salvador Illa said the spread of coronavirus is out of control in certain parts of the country. Elsewhere, U.S. hospitalizations for Covid-19 have reached a two-month high.The material has been provided by InstaForex Company - www.instaforex.com
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