U.S. oil futures climb as U.S. supplies fall a third week, but prices end lower for the month

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U.S. oil futures rose on Wednesday after the U.S. government reported a third straight weekly decline in crude supplies. Prices, however, ended lower for the month and tallied a modest quarterly gain as COVID-19 continued to feed concerns over a slowdown in energy demand. “It is the same story with oil as rising coronavirus cases fuel concerns over slowing global growth and pace of demand recovery,” said Lukman Otunuga, senior research analyst at FXTM. “As long as there is no working vaccine against the coronavirus menace, oil remains threatened by negative demand-side factors.” November West Texas Intermediate crude rose 93 cents, or 2.4%, to settle at $40.22 a barrel on the New York Mercantile Exchange. Based on the front-month contracts, prices fell 5.6% for the month, but inched up by 2.4% for the quarter, according to Dow Jones Market Data.
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