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[size=36]Oil prices are dropping from a 6-week high[/size]
Economie| 12:16 - 30/04/2021
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Baghdad - Mawazine News
Oil prices fell today, Friday, after touching their highest levels in six weeks yesterday, as fears of closure measures in India and Brazil overshadowed the positive expectations of increased demand for oil.
Brent crude fell by 0.5 percent to $ 68.25 a barrel, by 06:30 GMT, while US West Texas Intermediate crude reached $ 64.59 a barrel, a decrease of 0.7 percent.
"The recovery in demand after Covid-19 remains uneven, and the rise in Indian cases is a timely reminder that any rise to $ 70 is premature," Energy Aspects analysts said in a note.
They said it is likely to reach such a level in the third quarter of this year, when demand improves substantially and stocks are reduced.
The third largest consumer of oil in the world (India) is going through a deep health crisis, with hospitals and morgues crowded with victims of the coronavirus, as the total number of Covid-19 cases exceeded 18 million, yesterday, Thursday.
And "Brent" is on the way to rise by about eight percent in April 2021, while "West Texas Intermediate" crude may see an increase of about ten percent this month.
Oil prices fell today, Friday, after touching their highest levels in six weeks yesterday, as fears of closure measures in India and Brazil overshadowed the positive expectations of increased demand for oil.
Brent crude fell by 0.5 percent to $ 68.25 a barrel, by 06:30 GMT, while US West Texas Intermediate crude reached $ 64.59 a barrel, a decrease of 0.7 percent.
"The recovery in demand after Covid-19 remains uneven, and the rise in Indian cases is a timely reminder that any rise to $ 70 is premature," Energy Aspects analysts said in a note.
They said it is likely to reach such a level in the third quarter of this year, when demand improves substantially and stocks are reduced.
The third largest consumer of oil in the world (India) is going through a deep health crisis, with hospitals and morgues crowded with victims of the coronavirus, as the total number of Covid-19 cases exceeded 18 million, yesterday, Thursday.
And "Brent" is on the way to rise by about eight percent in April 2021, while "West Texas Intermediate" crude may see an increase of about ten percent this month.
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