WEEKLY ENERGY RECAP: Market awaits major OPEC+ meet

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Sun, 2020-10-18 00:28

Oil prices were relatively stable despite increasing pessimism and skepticism about the slow pace of the oil demand recovery. By the end of the week, prices had settled near the levels of a week earlier. Brent crude edged higher to $42.93 per barrel while WTI crude also ticked up to $40.88 per barrel. The spread between the pair narrowed to $2.05 per barrel.

The news of the week would in other circumstances have sent the price tumbling as a second wave of the virus in Europe triggered stronger distancing measures.

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