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Oil prices are falling by about 6 percent
21:50 - 18/03/2021
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Oil futures continued their losses, today, Thursday, declining by about 6 percent, amid indications of poor distribution of Corona vaccines and high infections.
Brent crude futures fell $ 3.74, equivalent to 5.5 percent, to $ 64.26 a barrel by 17:02 GMT, while U.S. West Texas Intermediate crude fell $ 3.80, or 5.9 percent, to $ 60.80.
That moves west Texas towards its lowest settlement rate since March 2 and moves to Brent to its lowest closing price since March 3rd.
It will be the longest streak for West Texas since February 2020 and Brent since September 2020.
US crude stocks rose for the fourth week in a row after refineries in Texas and central parts of the country were forced to close due to severe winter weather in February.
In Saudi Arabia, the website of the Joint Data Initiative reported today that January oil exports rose to the highest level since April 2020. Ended 25
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