Crude oil prices drifted lower on Friday as worries about outlook for energy demand amid continued surge in coronavirus cases and lockdown restrictions weighed on the commodity.

West Texas Intermediate Crude oil futures for May ended lower by $0.28 or about 0.5% at $59.32 a barrel.

WTI Crude oil futures shed more than 3% in the week.

Brent Crude futures were down $0.23 or 0.36% at $62.97 a barrel a little while ago.

The decision of the Organization of the Petroleum Exporting Countries and allied producers to gradually increase their output by 2 million barrels per day between May and July, raised concerns about possible excess supply in the market if lockdown restrictions remain in place for a longer duration.

In India, refiners are reportedly holding back crude runs as demand slows, with headwinds ahead in the near term, including high fuel prices and localized lockdowns due to rising cases of covid-19 in several states.

Efforts to resolve a nuclear standoff between the U.S. and Iran as well as recent data showing a surge in U.S. gasoline stocks also weighed on oil prices.

Baker Hughes today reported that the number of oil and gas rigs in the United States increased by 2 this week, bringing the total rig count to 432.

The oil rig count remains the same as last week, at 337 this week. The number of gas rigs increased by 2 to 93.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.