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.
This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts. OPEC and its allies are increasing output this month.
Brent crude LCOc1 settled at $44.80 a barrel, falling 16 cents. U.S. West Texas Intermediate CLc1 settled at $42.01 a barrel, down 23 cents.
For the week, Brent was up 0.9% and WTI gained 1.9%.
U.S. oil producer Hess cutting about 10% of workforce: sources
U.S. oil producer Hess Corp (HES.N) is cutting about 10% of its workforce and streamlining operations after reporting its fifth quarterly loss in a row, according to people familiar with the matter.
Energy companies have slashed spending and production as petroleum prices have dropped 31% this year. A sharp decline in fuel demand due to the COVID-19 pandemic has oil companies girding for a prolonged period of weak prices.
Reference: Reuters
Thai
Eng