Crude oil prices moved higher on Friday, lifting the most active crude futures contract to a firm close for the day, although the contract posted a weekly loss due to weak outlook for energy demand.

The massive surge in coronavirus infections in India, and the Japanese government’s decision to impose another lockdown in Tokyo and a few other cities raised concerns about outlook for energy demand.

However, amid buoyant demand for energy in the U.S., oil prices recovered well after early weakness today.

West Texas Intermediate Crude futures for June ended up by $0.71 or about 1.2% at $62.14 a barrel. WTI crude futures shed 1.7% in the week.

Brent Crude futures were up $0.76 or 1.16% at $66.16 a barrel a little while ago.

India reported a surge of over 330,000 new coronavirus cases on Thursday, the single largest surge since the pandemic started. Although the government is considering lockdown as a last resort, oil consumption is likely to drop significantly due to widespread restrictions on movements in several parts of the country.

Data from Baker Hughes said the total weekly active drilling-rig count in the U.S. was down 1 at 438 this week. The data also showed active oil-rig count dropped by 1 to 343 in the week.

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

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