Cheaper oil after growth the day before
Oil prices reference marks are reduced in the course of trading on Tuesday, after rising the day before. Pressure on the market have a lingering concern that easing restrictions could lead to a second wave of coronavirus, which again will limit the demand for oil.
The number of confirmed cases of coronavirus infection in the world over the weekend exceeded 10 million, the number of deaths 500 thousand, according to the Johns Hopkins University, is monitoring the situation with COVID-19.
Dozens of U.S. States, including Florida, Texas, California and Arizona, which were experiencing a growth in the number of infections, postpone plans to open up economies and introduce new restrictions to prevent further spread of the infection, writes The Wall Street Journal.
The cost of the August futures for Brent crude on the London ICE Futures exchange to 8:09 GMT on Tuesday is $of 41.49 per barrel, or $0,22 (0.53 percent) below the price at the close of the previous session. At the end of trading on Monday, the contract rose $0,69 (1.7 percent), to $41,71 per barrel.
Expiration of the August contracts for Brent expires on Tuesday. The more actively traded September futures fell $0,15 (0,36%), to $41.7 per barrel.
The WTI crude for August in electronic trading on the new York Mercantile exchange (NYMEX) by this time has fallen in price on $0,21 (0,53%) – to $of 39.49 per barrel. On Monday, the cost of these contracts increased $1,21 (3,1%), to $39,7 per barrel.
Rising oil prices may in the short term to reach the limit because the majority of market participants still Express concerns about the likely impact of rising oil prices for production in the U.S., experts say AxiCorp.