Oil prices are falling amid concerns about global demand

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Reuters

Manaure Quintero

Oil prices are falling amid concerns about global demand

Oil prices have retreated today with growing uncertainty about the global recovery in demand for fuel, while cases of Covid-19 are rising in several countries as major producers prepare to ease restrictions on production.

Brent crude futures fell 0.3% to $ 43.26 a barrel by 06:10 GMT, and US West Texas Intermediate fell 0.1% to $ 40.71.

The two crude fell 1% on Thursday after OPEC + countries agreed to reduce supply cuts of 9.7 million bpd to 7.7 million bpd.

The rise in coronavirus infections slows the recovery of fuel consumption after the easing of public isolation measures in the United States and other countries, raising fears that recovery of consumption from the impact of the pandemic may take years.

Source: “Reuters”

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