Oil prices rise after prior week's downbeat performance


  • World
  • Tuesday, 29 Sep 2020

NEW YORK, Sept. 28 (Xinhua) -- Oil prices advanced on Monday, recouping some of last week's losses.

The West Texas Intermediate (WTI) for November delivery rose 35 cents to settle at 40.60 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery increased 51 cents to 42.43 dollars a barrel on the London ICE Futures Exchange.

High investor interest was lending support to prices, as speculative net long positions in Brent and WTI both rose sharply recently, Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Monday.

Fritsch also said that "the risk of a price slide is not negligible," as pandemic-induced demand concerns and risks of a renewed oversupply remain in place.

For the week ending Friday, WTI crude lost 2.6 percent, based on the front-month contracts, while global benchmark Brent slipped nearly 2.9 percent. Endtiem

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