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Oil production off the US coast: rising inventories
Photo: Leonard Ortiz / dpa
Oil prices eased in early trading on Friday.
After the price slide of the past few days, the oil market has seen its highest losses since March.
A barrel (159 liters) of North Sea Brent cost $ 37.19 that morning.
That was 47 cents less than the day before.
The price of a barrel of US West Texas Intermediate (WTI) fell 41 cents to $ 35.78.
Over the course of the month, US oil prices have slipped by almost 12 percent.
In view of the increasing numbers of infections in Europe and the USA, market observers are now assuming a demand shock in Europe.
"Now that Europe is slipping into the second wave, it is becoming clear that the recovery will not be as linear as the market has priced it in," said Jeffrey Halley, an analyst at Oanda.
In addition, there are no important decisions to be made anytime soon that could lighten the gloomy outlook for demand.
While a potential US economic stimulus package has at least been postponed, the decision of the OPEC oil cartel on an extension of the production restrictions is due at the end of November.
In addition, the European Central Bank announced on Thursday that it would not decide on further support measures until December.
A number of important countries in the eurozone have introduced new restrictions on economic life in the fight against the corona pandemic, thereby burdening further economic development.
During the week it became known that the American Petroleum Institute (API) and the US government had seen an increase in oil reserves in the past few weeks.
Rising inventories usually weigh on oil prices.
Better than expected data on economic growth in the USA was at least able to support oil prices in European afternoon trading somewhat.
In the third quarter, the world's largest economy recovered more from the Corona slump in spring than analysts had expected.
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mik / dpa
