Oil prices decline on discouraging demand outlook
- 19 Mar 2021
Gulf Today Report
Oil prices dropped on Friday as new wave of coronavirus sprang up across Europe leading to new lockdowns.
US West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 05:52 GMT while Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel.
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In a note on Friday, Jeffrey Halley, senior market analyst at OANDA said the drop of oil prices on Thursday has led to physical buyers leaping at the chance to load up on cheap oil.
According to analysts, the surge in coronavirus cases, fresh lockdowns and slow vaccination rollout have left the market worried.
Supplies of oil are plentiful as well, with Saudi Arabia's crude exports increasing in January for a seventh straight month to the highest since April 2020, according to the Joint Organisations Data Initiative website on Thursday.