Tokyo — Oil prices rose on Friday but are on track for a weekly fall because of rising concerns about the global resurgence of coronavirus infections and its effects on fuel demand, while the likely return of exports from Libya will add to supply.
“Fundamentally, nothing has changed to the supply side of the equation that is weighing on oil prices in the bigger picture,” said Jeffrey Halley, senior market analyst at Oanda. US fuel demand remains in the doldrums as the pandemic constrains travel. The four-week average of petrol demand last week was 9% below a year earlier, government data showed on Wednesday.
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