Oil is falling in price, may show a weekly decline due to fears about demand

Oil is falling in price, may show a weekly decline due to fears about demand

Oil is falling in price, may show a weekly decline due to fears about demand

TOKYO (Reuters) – Oil prices fell on Friday and could end the week in the red due to growing worries about an accelerating rise in the number of coronavirus cases worldwide and the implications for demand, while the likely return of exports from Libya will lead to increased supply.

Futures for Brent crude oil fell 0.14% to $ 41.88 per barrel by 09:24 Moscow time, on WTI – sank 0.22% to $ 40.22 per barrel.

Brent has lost about 2.5% since the beginning of the week, WTI – 1.5%. Both benchmarks can also show monthly declines – the first for Brent in six months.

“Fundamentally, nothing has changed on the supply side, which is putting pressure on oil prices more broadly,” said Jeffrey Halley, senior market analyst at OANDA.

The oil tanker was loaded on Thursday at one of three Libyan terminals that were reopened, and more shipments from Libya are expected in the coming days.

(Aaron Sheldrick, translated by Elizaveta Zhuravleva. Editor Marina Bobrova)

Leave a Reply

Your email address will not be published. Required fields are marked *