Volatile oil prices poised for second monthly decline on Covid-19 concerns

Global oil prices moved in and out of negative territory on Friday but remained on course for a second monthly fall as rising Covid-19 cases in Europe and the US heighten concerns over fuel consumption. Brent crude LCOc1 was down 17 cents at $37.48 a barrel by 7:15 pm IST after touching a five-month low of $36.64 in the previous session. The December Brent contract expires on Friday and the January contract LCOc2 was down about 40 cents.
 

US West Texas Intermediate (WTI) crude fell 47 cents to $35.71 after dipping to its lowest since June on Thursday at $34.92.