Oil falls on mounting Covid-19 cases, supply concerns

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[ NEW YORK] Oil edged lower on Friday, falling more than 2 per cent on the week as Covid-19 cases surged globally and oil supply is set to rise in coming weeks. Read more at The Business Times.

US fuel consumption remains sluggish as the pandemic constrains travel and hampers economic recovery. The four-week average of gasoline demand last week was 9 per cent below a year earlier.

In India, throughput by crude oil refiners in August fell 26 per cent from a year ago, most in four months, as demand ebbed because the pandemic is hindering industrial and transport activity.

 

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