Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs.
U.S. West Texas Intermediate crude CLc1 futures rose 1 cent to $40.76 a barrel at 0204 GMT, while Brent crude LCOc1 futures were steady at $43.37 a barrel. Both were still on track to end the week up slightly.
The two benchmark contracts fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day imposed earlier this year by some 2 million bpd from August. Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said the market took some heart with the agreement for some to compensate for previous non-compliance with commitments at a time when there is uncertainty over demand growth.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices slip after OPEC, allies agree to loosen oil supply curbsOil prices slid on Thursday after OPEC and allies such as Russia agreed to ease record supply curbs from August, though the drop was cushioned by hopes for a swift U.S. demand pick-up after a bigger-than-expected drawdown from the country's crude stocks.
Read more »
Queen to knight record-breaking UK fundraiser Captain Tom on FridayCaptain Tom Moore, who became a national hero in Britain after raising more than 33 million pounds ($40 million) for health workers in the run-up to his 100th birthday, is to be knighted by Queen Elizabeth on Friday, Buckingham Palace said.
Read more »
100-Year-Old Tom Moore, Who Raised Millions By Walking Laps, To Be Knighted FridayCapt. Tom Moore will soon become Capt. Sir Tom Moore. The 100-year-old WWII veteran will be knighted by Queen Elizabeth II on Friday after he raised more than $40 million for health care workers by walking laps in his garden.
Read more »
Global methane emissions rising due to oil and gas, agriculture - studiesU.S. oil and gas drilling along with agricultural production worldwide are driving up global emissions of methane, a potent greenhouse gas, two new studies show.
Read more »
Oil Storage Wars : The Indicator from Planet MoneyThere's a massive glut of oil on the market due to the global economic slowdown. People who've never considered storing oil are now coming up with creative ways to take advantage of an unusual opportunity.
Read more »
Oil Industry, Accustomed To Booms And Busts, Is Rocked By PandemicU.S. oil producers are grappling with prolonged low oil prices and the uncertainty created by the pandemic. 'I do believe that the golden age of the mega deals in oil and gas may be gone,' an analyst says.
Read more »