COVID Fears Drive Oil Prices Downwards

U.S. West Texas Intermediate crude oil futures are trading lower on Friday but in a position to close out the week with a small gain after hitting a multi-month high on Wednesday on the back of a much bigger than expected drop in U.S. crude stockpiles. As we near the end of the week, oil prices are struggling to hold on to their five-month highs as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. Dollar. US Energy Information Administration Weekly Inventories Report The EIA reported on Wednesday…