Oil Mostly Steady As Virus Numbers Increase – 30 September, 2020

Hopes that U.S. lawmakers will reach a bipartisan deal on the next round of coronavirus relief packages and rising infection numbers left oil prices little changed. U.S. West Texas Intermediate crude futures dipped 1 cent to $40.21 per barrel, having jumped 2.4% the previous session. Brent crude futures gained 3 cents to $42.33 per barrel after an overnight 0.2% dip. Worries of the future of demand are a growing concern as positive COVID-19 cases rise in New York. A growing number in OPEC supply also weighed on the market, with output up 160,000 barrels per day in September.