Oil Futures Shed 1.4% In The Session, Gain 9.6% In Week
Crude oil prices drifted lower on Friday as traders made largely cautious moves, weighing demand and supply position in the market.
According to reports, Norway reached an agreement with labor union officials, bringing the strike to an end, which otherwise could have resulted in a sharp reduction in Norwegian crude output next week.
According to the Bureau of Safety and Environmental Enforcement, around 91.55% of current oil production in the Gulf of Mexico had been shut in as a result of Hurricane Delta, along with 62.17% of natural-gas output.
West Texas Intermediate Crude oil futures for November ended lower by $0.59 or about 1.4% at $40.60 a barrel.
Despite ending lower today, WTI Crude oil futures notched up a gain of nearly 10% in the week, due largely to the impact of the hurricane, which forced the authorities to shut down energy production in the Gulf of Mexico region. Crude oil futures had ended the previous two weeks with losses.
Brent crude futures declined nearly $0.50 or about 1.1% to $42.85 a barrel.
According to a report from Baker Hughes, the number of active oil drilling rigs count in the U.S. went up by 4 to 193 this week.
Traders were also reacting to comments by the Organization of the Petroleum Exporting Countries (OPEC) that world oil demand will plateau in the late 2030s and could by then have begun to decline.