Oil prices edge higher after sell-off driven by demand concerns

Oil prices rose slightly on Friday in a volatile session, following a big sell-off the previous day as a new wave of infections across Europe triggered fresh lockdowns and dampened hopes of any imminent recovery in fuel demand.

Brent crude was up 31 cents, or 0.5 per cent, at $63.59 a barrel by 8:20 pm (IST). West Texas Intermediate (WTI) U.S. crude rose 37 cents, or 0.6 per cent, to $60.37. Both traded within a wide range of more than $2 a barrel on Friday.

Oil had closed about 7 per cent down on Thursday as several large European economies reimposed lockdowns