Tuesday, September 22, 2020

Oil stock: Oil rises on expectation demand can survive new lockdowns

 Here is the article. 

LONDON (Reuters) – Oil prices rose on Tuesday as analysts took the view renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day.

Brent crude LCOc1 was up 54 cents, or 1.3%, to $41.98 per barrel at 1033 GMT.

U.S. West Texas Intermediate (WTI) crude CLc1 for October, due to expire on Tuesday, rose 63 cents, or 1.6%, to $39.94.

The more active November contract was up 45 cents, or 1.1%, to $39.99.

Markets were nervous about fuel demand in countries such as Britain, where the government will tell people to work from home again and will impose new curbs on pubs, bars and restaurants.

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