Oil prices slip amid coronavirus concerns

Source: Xinhua| 2020-11-14 05:27:00|Editor: huaxia

NEW YORK, Nov. 13 (Xinhua) -- Oil prices fell on Friday as the pandemic cast a shadow on the prospect.

The West Texas Intermediate for December delivery lost 99 cents to settle at 40.13 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 75 cents to close at 42.78 dollars a barrel on the London ICE Futures Exchange.

"The price fall is attributable not only to the fact that risk aversion is on the rise again because of the pandemic, but rather to an apparent deterioration in the fundamental supply/demand situation," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Friday.

"If OPEC+ were to scale up production as originally planned in early 2021, concerns about a renewed oversupply on the oil market would presumably increase again, which would weigh on oil prices," he said.

In their respective reports released earlier this week, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have revised down estimates of global oil demand for this year.

For the week, WTI crude futures climbed 8.1 percent, while Brent gained 8.4 percent. Enditem