Oil prices dip amid demand concerns

Business Saturday 22/August/2020 16:58 PM
By: Times News Service
Oil prices dip amid demand concerns

New York: Oil prices declined on Friday as a slew of newly-released weak data rekindled concerns about crude demand outlook.
The West Texas Intermediate for October delivery lost 48 cents to settle at $42.34 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery dipped 55 cents to close at $44.35 a barrel on the London ICE Futures Exchange.
The moves came after data showed a slowdown in the pace of output growth in the eurozone, highlighting the inherent demand weakness caused by the COVID-19 pandemic.
The flash Eurozone Composite Purchasing Managers' Index, a key gauge of economic health, dropped to 51.6 in August from the July reading of 54.9, London-based global information provider IHS Markit reported on Friday.
Crude prices were also under pressure as Houston-based oilfield services firm Baker Hughes reported a gain in the number of US oil rigs.
The number of active US rigs drilling for oil increased by 11 to 183 this week, Baker Hughes reported Friday.