© Reuters.

Oil Inches Up After Flat Week By Investing.com


© Reuters.

By Adam Claringbull

Investing.com – Oil was up on Friday morning in Asia, but still remains down on the month.

were up 0.41% to $42.11 by 11:59 AM ET (3:59 AM GMT) and rose 0.47% to $40.50.

Both benchmarks are above the $40-mark again, buoyed by a fall in , gasoline, and distillate inventories reported by the U.S. Energy Information Administration on Thursday. However, any meaningful rise was halted by the resurgent COVID-19 pandemic, especially in Europe, and Libya’s oil industry beginning its return to the market.

In the U.S., uncertainty over the fate of a COVID-19 stimulus bill played its part in dampening investors’ enthusiasm, as did President Donald Trump’s refusal to commit to a peaceful transition of power should he lose the upcoming election. An unexpected rise in U.S. unemployment claims were also a factor in keeping expectations low.

Another headwind for oil prices comes with Libyan refineries…

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