Oil prices keep falling at the end of trading

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Oil prices keep falling at the end of trading, today, Monday, May 11, 2020 09:35 pm

Oil prices continued to drop by the end of trading on Monday, after a volatile session with Concerns about the accumulation of oil stocks with the decline in global demand for crude, despite the decline in oil production worldwide.

Crude prices rose briefly during the session, with Saudi Arabia intending to reduce its oil production by an additional one million barrels per day, along with the reductions agreed by OPEC and its allies, bringing the total reduction to nearly 4.8 million barrels per day below the record production level in April.

There are also possible signs of a second wave of coronavirus outbreaks in countries that have declared a relative return to life, such as China and South Korea.

Upon settlement, West Texas Intermediate crude for June delivery fell 2.4 percent to $ 24.14 a barrel, after recording the level of $ 25.58 in an upward direction, and $ 23.67 in a downside direction.

By 6:55 p.m. GMT, Brent crude futures for July delivery fell to $ 29.72 a barrel, down 4 percent after rising to $ 31.47 during the session.







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