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[size=30]Oil prices decline again on demand concerns
2021-04-26
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Yes Iraq: Follow up
Oil prices fell, Monday, against the backdrop of fears that the escalation of Covid-19 infections in India will squander demand for fuel in the third largest importer of oil in the world, and with investors shifting positions ahead of a planned increase in OPEC oil production from May 2021.
Brent crude futures fell 38 cents, or 0.6 percent, to $ 65.73 a barrel, after a 1.1 percent rise on Friday. U.S. West Texas Intermediate crude futures fell 31 cents, or 0.5 percent, to $ 61.83 a barrel, after rising 1.2 percent on Friday, April 23.
On a weekly basis, the two benchmarks lost about 1 percent last week.
Sentiment in the market was affected by concerns that an increase in the number of COVID-19 infections in some countries, especially India, would reduce fuel demand, said Kazuhiko Saito, chief analyst at Fujitome Commodity Brokerage.
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