Oil stocks closed with a slight increase on Friday, but finished the week with a decrease, breaking a four-week series.
Experts note that the recent price fluctuations for oil are caused by concerns over the resurgence of COVID-19 cases in various countries and uncertainties regarding the sustainability of demand for oil, even as OPEC+ members struggled to reach an agreement on oil production.
"The recent decrease in oil prices is related to concerns about the drop in demand for oil amid rising COVID-19 infection cases worldwide," one analyst noted.
At the end of trading in New York, the price of WTI crude oil rose by 0.1%, amounting to $72.87 per barrel. Meanwhile, Brent crude oil fell by 0.3%, closing at $74.10 per barrel.
