Crude oil drops 4% amid rising supply, COVID-19 cases
by ChemOrbis Editorial Team - content@chemorbis.com
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.
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At the time of writing, Brent and WTI crude oil futures were trading higher by around 0.97% and 1.13%, respectively.
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.
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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