Oil prices are falling for the first time in 5 days

 

Oil prices are falling for the first time in 5 days

Oil prices continued to decline with the opening of the American market on Tuesday, on the verge of incurring the first loss in the last five days, under pressure from renewed concerns about levels of global demand for fuel, in light of the high cases of Corona virus infection in some countries and the tightening of closure and health isolation measures. This is before the release of preliminary data on crude stocks in the United States.

 

US crude fell about 1.0% to the level of $ 71.49, from the opening level at $ 72.19, and recorded the highest level at $ 72.30, and Brent crude fell by 0.7% to the level of $ 74.18 a barrel, from the opening level at $ 74.68, and recorded the highest level at 75.02 $.

 

When prices settled yesterday, US crude rose by 0.2%, and Brent crude rose by 0.8%, in the fourth consecutive daily gain, supported by the decline of the US dollar against a basket of global currencies.

 

Corona virus cases continued to rise during the weekend in some global countries, especially the major countries in Asia, with record daily increases, which led to the expansion of closure and sanitary isolation measures.

 

In the same context, the United States issued travel warnings to Spain and Portugal, due to the high cases of Corona virus in those countries.

 

A White House official told Reuters that broader travel restrictions will not be lifted due to the highly contagious type of delta, with local infections increasing.

 

Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a rise in stocks for the second week in a row. Tomorrow, Wednesday, official data will be released by the American Energy Agency.