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Reuters
Oil is again declining
Oil prices fell again on Friday, under pressure from weak oil demand due to the Corona virus crisis and a large surplus in oil supply.
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Brent crude for July delivery fell 1.7% to $ 26.03 a barrel at 10:25 GMT.
While US crude for June delivery fell 2.4% to $ 18.38 a barrel. Crude rose sharply yesterday as “Brent” rose 12%, while US crude rose 25%.
The price of a barrel of “Brent” has collapsed approximately 60% since the beginning of this year, and last month reached its lowest level in 21 years, as the Corona Virus pandemic demands pressure.
To support the markets, OPEC, Russia and other producers, in what is known as the “OPEC +” group, began cutting production by 9.7 million barrels per day today, but there is doubt that the reduction will be enough. .
Furthermore, a Reuters poll on Thursday showed that before the new production cut, OPEC sharply increased production to the highest level since March 2019, strengthening the surplus in the market.
Source: “Reuters”
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