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[size=30]Oil prices accompany the curse of decline ... a new decline in the black gold
2021-04-09
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Yes Iraq: Follow up
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.
"A lot of de-stocking is taking place, so we're in the process of rebalancing," said Virendra Chauhan, an analyst at Energy Aspects.
He added that physical markets will still need to recover before prices and price differentials rise between months.
Fears are growing that renewed lockdowns in parts of the world to curb the rise in cases of Covid-19 virus and vaccination problems could change the oil demand picture.
Stephen Innes, Axi’s chief global market strategist, said oil prices are expected to trade in a $ 60- $ 70 range as investors weigh these factors.
This week, world powers and Iran held talks on reviving the 2015 nuclear deal, which could pave the way for the United States to lift sanctions on Iranian oil exports in the second half of this year.
"If a comprehensive framework can be formulated in the coming weeks, it is likely that large quantities of Iranian oil will reach the market in the second half of 2021," Helma Croft, analyst at RBC Capital, said in a note this week.
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