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 –

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.