Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in COVID-19 cases in Europe and the United States is curtailing demand in two of the world's biggest fuel consuming regions.
Both benchmarks fell slightly the previous day; however, they are headed for small gains for the week.
OPEC+ is set to reduce its current supply cuts of 7.7 million barrels per day by 2 million bpd in January even as OPEC Secretary General Mohammed Barkindo admits fuel demand is looking “anaemic.” “Still, a resurgence in coronavirus infections in Europe and some parts in the United States raised fears over weaker fuel demand, weighing on the market sentiment,” Kikukawa said.
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