Oil Prices Rise But Are Still hurt By The Pandemic – 13 August, 2020

Oil was on track for a second week of gains on confidence that demand is picking up despite the ongoing spread of the coronavirus and cautious leaders keeping restrictions in place. Brent crude rose 0.3% or 14 cents to $45.10, on track for a roughly 1.6% gain for the week. West Texas Intermediate gained 0.3% or 12 cents to $42.36, on track for a 3% gain for the week. U.S. crude inventories fell last week as shown in government data with refiners ramping up production as the demand rises. COVID-19 caused a drop in air travel which is estimated to have reduces oil consumption by 8.1 million barrels per day for the year.