Oil prices edge higher after sell-off driven by fuel demand concerns
LONDON (Reuters) – Oil prices rose slightly on Friday in a volatile trading session, following a big sell-off the previous day as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand.
Brent crude was up 31 cents, or 0.5%, at $63.59 a barrel by 1450 GMT. West Texas Intermediate (WTI) U.S. crude rose 37 cents, or 0.6%, to $60.37. Both traded within a wide range of more than $2 a barrel on Friday.
Oil closed about 7% down on Thursday as several large European economies reimposed lockdowns and vaccination programmes were slowed by distribution issues and concerns over potential side effects.
