Oil prices inched up in early trading on Thursday after sliding more than 5% in the previous session on worries that a rapid rise in COVID-19 cases could choke a revival in fuel demand, but volumes were thin with China out on a public holiday.
Oil prices fell more than 1% in early trade on Thursday as a spike in new coronavirus cases in China and the United States renewed fears that people would stay home and stall a recovery in fuel demand even as lockdowns ease.
Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check.
Oil prices slid early on Friday, extending heavy overnight losses on a surge in US coronavirus cases this week that has raised the prospect of a second wave of the outbreak slamming demand in the world’s biggest consumer of crude and fuel.
Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.