Oil prices fell on Friday amid worries about the economic impact of accelerating coronavirus infections in the U.S., Europe and Asia.

Benchmark Brent crude dropped 0.7 percent to $43.22 a barrel, after having fallen 0.6 percent on Thursday.

U.S. West Texas Intermediate (WTI) crude futures were down nearly 1 percent at $40.70 a barrel, after having declined 0.8 percent in the previous session.

Europe is already grappling with a sharp increase in infections and new social restrictions while the United States again shattered records on Thursday, reporting more than 153,000 new coronavirus cases.

It is feared that rising Covid cases will continue to hold back an economic recovery, including fuel demand.

The weekly EIA report showing an unexpected rise in U.S. inventories also weighed on prices.

According to the data from Energy Information Administration (EIA), crude stockpiles rose by 4.3 million barrels last week compared to expectations for a draw of 913,000 barrels.

The International Energy Agency (IEA) said on Thursday that global oil demand is unlikely to get a significant boost from the roll-out of vaccines against Covid-19 until well into 2021.

The material has been provided by InstaForex Company – www.instaforex.com

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