Oil prices regained lost ground on Friday after recording losses for five days as a new wave of COVID-19 infections wash across Europe, spurring new lockdowns and dampening hopes for a recovery in demand for fuels anytime soon.
Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.
Brent Crude futures were up 1.30% to sell at $64.10 cents a barrel while the US West Texas Intermediate Futures were up 1.47% to sell at $60.88 cents.
OPEC basket on the other hand recorded losses of 0.19% to sell at $66.76 cents a barrel.
