Oil dips on Covid-19 resurgence, fears of more supply

The Business Times | Oct 17, 2020 at 2:00 AM
  • Oil prices edged lower on Friday, dragged down by concerns that a spike in Covid-19 cases in the United States and Europe will continue to drag on demand in two of the world’s biggest fuel-consuming regions.
  • Brent crude futures fell 23 cents to settle at US$42.93 a barrel, and U.S. West Texas Intermediate (WTI) crude futures dropped eight cents to settle at US$40.88 a barrel.
  • RIG-USA-BHI , RIG-OL-USA-BHI , RIG-GS-USA-BHI Money managers cut their net long US crude futures and options positions by 9,442 contracts to 288,454 in the week to Oct 13, the US Commodity Futures Trading Commission (CFTC) said on Friday.