10/16, 7:47 AM (Source: TeleTrader)
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Crude falls 1% as demand concerns rise

Prices of oil went down on Friday with investors' fears over coronavirus-caused demand woes continued to climb. Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammad Barkindo stressed that oil demand remained "anemic" as it is recovering slower than expected, adding it "will take a long time" before the demand returns to pre-crisis levels.

United Airlines CEO Scott Kirby raised concerns regarding the airline industry's recovery, claiming that he doesn't expect the air travel demand to fully bounce back before 2024.

West Texas Intermediate (WTI) for November settlement lost 0.98%, selling for $40.56 per barrel at 1:31 am ET, while Brent for deliveries in December declined 1.02% to trade for $42.72 per barrel at 1:36 am ET.

Breaking the News / GA