Oil prices down on demand worries, growing supply

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[NEW YORK] Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from Covid-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. Read more at The Business Times.

Prices were bolstered earlier in the week by US government data showing crude oil, gasoline and distillate inventories falling last week as refiners ramped up production and demand for oil products rose.

The number of US oil and gas rigs, an indicator of future supply, fell this week for a 15th straight week to record lows, according to energy services firm Baker Hughes.

 

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