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[size=36]Low oil prices and Brent retreat to $ 64.25 a barrel[/size]
Economie| 08:55 - 22/03/2021
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Follow-up - Mawazine News
Oil prices fell, Monday, amid concerns about a decrease in demand for fuel products, in the wake of more European closures that dominated trading.
Brent crude was down 27 cents, or 0.43 percent, to $ 64.25 a barrel.
The price of US oil fell 28 cents, or 44%, to $ 61.15 a barrel, as both contracts fell by more than 6% last week.
"The truth is that we are still far from a full recovery in demand, and record levels of capacity withdrawal are the main pillar of the oil market," said Stephen Innes, Axi’s chief global market strategist.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies implemented unprecedented cuts in production in an agreement to balance global markets after the drop in demand during the Covid-19 pandemic.
American drilling companies began to take advantage of the early price hike amid optimism about a return to demand. Ended 29 / p4
Oil prices fell, Monday, amid concerns about a decrease in demand for fuel products, in the wake of more European closures that dominated trading.
Brent crude was down 27 cents, or 0.43 percent, to $ 64.25 a barrel.
The price of US oil fell 28 cents, or 44%, to $ 61.15 a barrel, as both contracts fell by more than 6% last week.
"The truth is that we are still far from a full recovery in demand, and record levels of capacity withdrawal are the main pillar of the oil market," said Stephen Innes, Axi’s chief global market strategist.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies implemented unprecedented cuts in production in an agreement to balance global markets after the drop in demand during the Covid-19 pandemic.
American drilling companies began to take advantage of the early price hike amid optimism about a return to demand. Ended 29 / p4
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