Oil Declines as Coronavirus cases rise

Oil prices retreated today, posting more than 2% weekly losses, with the rise in new cases of the coronavirus (Covid 19) in the world and increasing concerns about weak global demand for oil amid the increased supply of crude.

Brent crude futures, the global benchmark, fell to $ 41.92 a barrel, US West Texas Intermediate crude futures fell to $ 40.25 a barrel, and over the course of the week, Brent crude fell by 2.9%, and West Texas Intermediate crude fell 2.1%.

Energy services company Baker Hughes said the number of oil and gas platforms in the United States rose to 261 in the week ending September 25, while production of crude oil refineries in India decreased by 26% in August compared to the same period last year.