Oil On Track For Weekly Gain Despite COVID-19 Surges – 12 November, 2020

Fear of a slow global economic recovery and demand for fuel caused oil prices to drop, yet still managed to remain on track for a second week of gains. After losing 0.8% the previous session, U.S. West Texas Intermediate crude futures were down 2.2% or 89 cents to $40.23 per barrel. Brent crude fell 1.7% or 75 cents to $42.78 per barrel, having fallen 0.6% the previous session. Both producers were on track for an 8% surge for the week. Crude inventories in the U.S. grew by 4.3 million barrels last week, despite analysts expectation for a 913,000 barrel drop. New COVID-19 infections around the world are adding to economic restrictions as the virus becomes more difficult to contain, but hopes that a vaccine may soon be available helped boost oil for the week.