Crude Oil Futures Flat Amid Concerns About Weak Demand
Crude oil prices are moving in a tight range Friday morning amid continued worries about outlook for energy demand.
With rising coronavirus cases raising concerns about global economic growth, it is widely felt that energy demand is unlikely to see any significant improvement in the near term.
Recent data showing a jump in crude inventories in the U.S., and increased supply levels overall due to relaxation in output curbs by OPEC members weigh on crude prices.
West Texas Intermediate Crude oil futures for October are down $0.04 or 0.11% at $37.26 a barrel.
Brent crude futures are falling $0.37 or 0.9% at $39.69 a barrel.
According to data released by Energy Information Administration (EIA) on Thursday, crude inventories in U.S. increased by about 2 million barrels last week compared to expectations for a draw of 1.3 million barrels. Crude inventories saw a draw of 9.4 million barrels a week earlier.
At the Cushing facility in Oklahoma, oil stockpiles rose by 1.8 million barrels.