Oil prices expanded their decline with the opening of the US market on Tuesday to resume their losses that temporarily stopped yesterday, recording the lowest level in a week, under the pressure of fears of weak demand in India, where the third largest oil consumer in the world is still suffering badly from the Corona virus crisis, which prompted Government authorities to tighten lockdown measures across the country, this comes before the release of preliminary data on crude stocks in the United States.
US crude fell by 1.5% to the lowest level of $ 63.90 in a week, from the opening level at $ 64.89, and the highest level at $ 64.99, and Brent crude fell by 1.3% to the level of $ 67.38 per barrel, the lowest since May 4, from the opening level. At $ 68.28, it hit a high of $ 68.36.
Upon yesterday's settlement, US crude oil achieved a rise of about 0.1%, and Brent crude oil rose by less than 0.1%, in the first gain in the last four days, after a cyber attack prompted Colonial Pipeline to close some major fuel lines in the United States.
In India, the Coronavirus crisis is still exacerbating despite local and global efforts to contain it, as new cases and deaths due to infection are accelerating to new record levels.
Coronavirus cases have risen to about 23 million, which made India the second worst affected by that pandemic in the world after the United States.
With hospitals and morgues crowded, and the health crisis worsening in the country, the Indian government announced the expansion of closures to curb the rapid spread of the pandemic, which greatly affected the levels of fuel consumption in the third largest importer of oil in the world.
Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of declining stocks for the second consecutive week, and on Wednesday, official data will be issued by the US Energy Agency.
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