Oil prices fall amid demand concerns

  • World
  • Saturday, 08 Aug 2020

NEW YORK, Aug. 7 (Xinhua) -- Oil prices declined on Friday as investors grew concerned over a resurgence in coronavirus infections, which would potentially subdue crude demand.

The West Texas Intermediate (WTI) for September delivery lost 73 cents to settle at 41.22 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery slipped 69 cents to close at 44.40 dollars a barrel on the London ICE Futures Exchange.

The moves came as rising coronavirus cases continued to weigh on the oil market.

More than 19 million COVID-19 cases have been reported worldwide, with over 716,000 deaths, as of Friday afternoon, according to the Center for Systems Science and Engineering at Johns Hopkins University.

The United States has suffered the most from the pandemic, with over 4.9 million cases and roughly 160,700 fatalities, the tally showed.

Investors were also worried about the renewed U.S.-China tensions, experts noted.

"Sentiment has become more gloomy in view of the tensions between China and the US, putting selling pressure on oil prices," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Friday, adding "in recent months, sentiment on the oil market has apparently been more important than the fundamental situation."

For the week, WTI rose 2.4 percent while Brent gained 2 percent.

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