Credit: skeeze / Pixabay.

Global oil prices have edged up but are set for a second monthly fall as increasing cases of Covid-19 infections in Europe and the US create concerns over fuel consumption.

Brent crude futures were up by $0.03 to $37.68 a barrel, while US West Texas Intermediate (WTI) futures increased by $0.08, touching $36.25, Reuters reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The news agency cited a Singapore-based oil trader who said that the market is ‘anxious’ about renewed lockdowns in Europe and the US election next month.

The American dollar value has increased this week against several other currencies, making oil ‘more expensive’ to holders of other currencies.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, together known as OPEC+, is set to increase output by 2 Mbpd in January next year after reducing output by a record amount earlier this year.

However, major producers Saudi Arabia and Russia plan to maintain the group’s current output reduction of approximately 7.7 Mbpd into the next year in the wake of rising Libyan oil output and new Covid-19-related restrictions in Europe.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

A policy meeting is expected to be scheduled by the OPEC+ between 30 November and 1 December.

Meanwhile, many European nations imposed new restrictions this week to limit the spread of the virus with Germany saying its economy may not recover until 2022.

Global Covid-19 infections are nearing 44.5 million, reaching 44,495,972. The global Covid-19 death toll now stands at 1,174,225, according to researchers at Johns Hopkins University.