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Oil prices are declining despite the increase in global demand for fuel
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Oil prices fell, on Friday, as investors focused on increasing supplies from major producers and the impact of the Covid-19 pandemic on fuel demand.
June Brent crude futures were down 12 cents, or 0.2%, to $ 63.08 a barrel by 0731 GMT, while US West Texas Intermediate crude for May was at $ 59.59 a barrel, down 1 cent.
Both decades are on track to achieve a 2% -3% decline this week after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC + that includes Russia, agreed to gradually increase supplies by 2 million barrels. Today between May and July.
Analysts expect the decline in global oil inventories will continue, with the acceleration of fuel demand in the second half of this year as the global economy recovers.
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