Even as petrol demand increases as countries open up amid the coronavirus, there are still concerns about the pace of demand recovery
London — Oil fell more than 5% on Friday, heading towards $34 a barrel as tensions rose between the US and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.
Brent crude dropped $1.96, or 5.4%, to $34.10 a barrel at 8.33am GMT, after falling to as low as $33.54. US West Texas Intermediate crude declined by $2.41, or 7.1%, to $31.51. Oil has slumped in 2020, with Brent hitting a 21-year low below $16 in April and US crude falling below zero. With fuel use rising and supply cuts kicking in, Brent has since more than doubled and was still on track for a fourth weekly gain.
Export figures suggest Opec+ made a strong start in complying with the deal. In a sign of the glut easing. US crude inventories fell last week.
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