US West Texas Intermediate was at $40.04 a barrel, down 21 cents or 0.5%, following a 2.1% decline last week. “New COVID-19 case numbers are accelerating in major US states, renewing fears of mobility restrictions challenging the ongoing oil demand recovery in the last quarter,” ANZ analysts said in a note. Last week, US energy firms also added oil and natural gas rigs for a second week in a row, according to Baker Hughes. The one factor that may offer some support to the market is the prospect of strike action, ING analysts said. Investors may have heeded the Saudi oil minister’s warning against shorting the oil market, they said.

Source: bd News24 September 28, 2020 07:41 UTC