Dec 28, 2020
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Oil depreciates due to vague supply and demand prospects

Global oil prices are declining, correcting recent gains amid uncertainty about the balance of supply and demand in the market.

The cost of February futures for the Brent mark during trading on the London ICE Futures exchange fell by $ 0.15 per barrel (0.29%) – to $ 51.14. The price of futures for WTI with delivery in February in electronic trading on the New York Mercantile Exchange (NYMEX) fell to $ 48.16, and this is $ 0.07 (0.15%) below the closing level of the previous session.

Before the Christmas holidays, oil rose 2% due to positive statistics on US inventories. At the same time, following the results of the past week, prices showed a decrease for the first time since October. Investor sentiment was primarily influenced by news about the spread of a new strain of coronavirus identified in the UK. Infection cases were recorded in a whole number of countries, which caused another wave of lockdowns and discontent from the public and business.

Rospotrebnadzor assured that there are now no new variants of coronavirus infection on the territory of the Russian Federation.

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