Crude oil prices traded below $40 during the week ending Nov. 6, as demand concerns grow with more strict novel coronavirus measures and uncertainty over the US presidential election results.
International benchmark Brent crude traded at $39.77 at 1241 GMT on Friday, posting an increase from Monday when trade at 0654 GMT registered at $36.46 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $37.61 at the same time on Friday relative to $34.49 a barrel on Monday.
After starting the week with five-month lows, oil prices gained a little momentum on Wednesday to trade above $40 a barrel, as an unexpected decrease in US crude oil inventory signaled a potential rise in US oil demand.
Prices were further supported when US President Donald Trump prematurely declared victory on Wednesday evening in must-win states of Georgia, North Carolina and Pennsylvania, which the oil market saw as bullish.
However, prices fell to below $40 a barrel on Friday due to uncertainty around the results of the US presidential election, as a winner has not yet been determined.
Lingering concerns over global demand also negatively affected the markets, as major economies in Europe introduced renewed lockdowns and measures due to the surge in coronavirus cases.
Several European countries, including Italy, France, Greece and Spain have seen infections soaring to record highs in daily new coronavirus cases over the past two days.
France and the UK announced nationwide lockdowns and other European countries, including Austria, Germany, Italy and Spain brought further strict restrictions to curtail the spread of the outbreak.
By Ebru Sengul Cevrioglu