LONDON (Reuters) – Oil prices fell on Friday as a rise in new cases of coronavirus and weak Asian economic data fuelled uncertainty about the economic outlook and as major crude producers showed no rush to cut output.
Brent crude LCOc1 was down $1.20, or 2%, at $58.11 a barrel by 1136 GMT, while U.S. crude CLc1 dropped $1.02, or 1.9%, at $52.86 a barrel.
Oil prices had edged up on Thursday after a much smaller-than-expected rise in U.S. crude stocks.
“With Brent failing to breach the 60 level on Thursday, despite better-than-expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday,” said UBS oil analyst Giovanni Staunovo.
“Market participants who benefited from the price rise in recent days might prefer not to go into the weekend with a long position due to the renewed uncertainty,” he added.
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