Oil prices continued to decline with the opening of the American market on Friday, to continue its losses for the second day in a row, after the International Energy Agency warned of a slowdown in global demand for fuel due to the increasing cases of Corona virus, and this comes in conjunction with renewed concerns about the oversupply in the markets, especially after The administration of US President Joe Biden put pressure on the OPEC Plus alliance to increase production during the next short period.
US crude fell by about 1.1% to the level of $ 68.18, from the opening level at $ 68.90, and recorded the highest level at $ 69.00, and Brent crude fell by 0.8% to the level of $ 70.46 a barrel, from the opening level at $ 71.04, and recorded the highest level at 71.13 $.
On Thursday, US crude lost 0.7%, and Brent crude fell 0.6%, in the first loss in the last three days, after the US administration asked OPEC and its allies to increase supplies.
The International Energy Agency has warned that the growth in demand for crude oil and its products has slowed sharply, after increasing cases of coronavirus infection in most parts of the world forced governments to revive lockdown restrictions.
The agency explained that demand growth fell more sharply during the second half of this year, and this was attributed to the new restrictions imposed in many of the most fuel consuming countries in the world, especially in Asia.
On Wednesday, the administration of US President Joe Biden urged the OPEC Plus alliance to increase oil production to counter the rise in gasoline prices, and took advantage of this to ensure the safety of the global economic recovery.
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