The price of WTI on the New York Mercantile Exchange (NYMEX) by Friday morning rose to $ 59.22 per barrel. This is $ 0.66 or 1.13% higher than at the close of trading on Thursday.
At the same time, by the end of Thursday, both Brent and WTI were falling in price . Since the beginning of the week, Brent has fallen in price by 4%, while WTI has fallen in price by 5%. In the middle of the working week, prices jumped 6%, while the day before they fell by the same amount.
The price of oil is affected by the extension of quarantine restrictions in European countries, announced this week, in particular in Germany and France. In addition, the number of new cases detected in India and Brazil is on the rise, where oil consumption is an important factor in maintaining prices, writes MarketWatch, citing Oanda analyst Sophie Griffiths. According to the analyst, the recovery in oil demand in the near future raises concerns.