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Brent Crude adds loss of 6 cents in price, trading at $45.03 per barrel

Syed Umarullah HussainiWeb Editor

07th Aug, 2020. 10:30 am
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Brent crude

Oil prices fell on Friday adding the loss of 6 cents and traded at $45.03 per barrel on worries that fuel demand growth will drop amid a resurgence of coronavirus cases.

According to the details, Brent crude fell 6 cents, or 0.1%, to $45.03, after both contracts had earlier traded higher.

U.S. West Texas Intermediate (WTI) crude futures slipped 2 cents to $41.93 a barrel.

The resurgence of coronavirus infections around the world and especially in the United States of America which is the largest oil producer remains the main uncertainty in the oil market.

Asian Shares Down

On the other hand, Asian shares slipped on the last day of the business week, after US President Donald Trump ratcheted up already-heightened tensions with Beijing by banning US transactions with China’s tech giant Tencent as well as ByteDance, the owner of video-sharing app TikTok.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1 percent

While Hong Kong’s Hang Seng fell 2 percent.

Tencent, Asia’s second-biggest company by market capitalization, dropped 9 percent.

Mainland China’s CSI 300 Index fell 1.3 percent, while Japan’s Nikkei slipped 0.6 percent.

In addition to this S&P500 futures slid 0.5 percent.

Donald Trump’s executive orders came as his administration said this week it was stepping up efforts to purge “untrusted” Chinese apps from US digital networks.

Tencent owns the popular WeChat app.

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