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Crude oil drops 4% amid rising supply, COVID-19 cases

by ChemOrbis Editorial Team -
  • 06/04/2021 (09:17)
Global crude oil futures settled sharply lower on Monday on the back of increasing supply from OPEC+ and the recent upsurge in global COVID-19 cases. Renewed lockdown measures around the globe also weighed down on the near-term demand recovery prospects.

On Monday’s session, Brent crude oil for June delivery fell by $2.71, or 4.2% to 62.15$/barrel while West Texas Intermediate (WTI) for May delivery shed $2.80, or 4.6% to settle at $58.65/barrel from Friday.

According to ChemOrbis Price Wizard, the weekly average of crude oil prices was standing at its lowest levels in 8 weeks.

WTI – Brent – Crude Oil Prices

At the time of writing, Brent and WTI crude oil futures were trading higher by around 0.97% and 1.13%, respectively.
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