Oil prices drop due to low demand prediction from OPEC, IEA
Oil prices on Friday continued to drop following the prediction of a weak revival in transportation fuels for the first six months of the 2021 from the Organization of Petroleum Exporting Countries’ (OPEC) and with the International Energy Agency’s (IEA) concern over low oil demand.
International benchmark Brent crude was trading at USD60.73 per barrel at 0606 GMT for a 0.67 percent decline after closing Thursday at USD61.14 a barrel.
American benchmark West Texas Intermediate (WTI) was at USD57.81 a barrel at the same time for a 0.74 percent decline after ending the past session at USD58.24 per barrel.
Source : Mena FN | Photocredit : Google