Oil prices down with rising coronavirus cases worldwide

By Ovunc Kutlu

ANKARA (AA) - Crude oil prices were down on Friday, with rising novel coronavirus (COVID-19) cases around the world sustaining weak global demand.

International benchmark Brent crude was trading at $43.24 per barrel at 0605 GMT for a 0.3% loss after closing Thursday at $43.37 a barrel, trading at almost a 1% daily loss.

American benchmark West Texas Intermediate (WTI) was at $40.70 a barrel at the same time for a 0.12% decline after ending the previous session at $40.75 per barrel with a 1.1% daily decline.

The number of COVID-19 cases around the world continues to ramp up, keeping overall oil demand weak and driving crude prices down.

Total confirmed cases in the US surpassed the 3.5 million mark on Thursday, according to Johns Hopkins University data. Brazil topped the 2 million mark, while cases in India are now above 1 million.

On the supply side, fears have intensified that the supply glut would linger for the remainder of the year with the decision of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers to ease the existing crude oil production cut by 2 million barrels per day (bpd).

The group known as OPEC+ agreed Wednesday to ease its crude production cut to 7.7 million bpd starting from August, from the existing level of 9.7 million bpd.