Oil is losing momentum due to pressure from a new wave of “Corona” in Asia

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Oil prices fell yesterday, Tuesday, from their highest level in a month, due to fears that India, the third largest importer of crude in the world, may impose restrictions to contain a jump in the numbers of infections and deaths from the Corona virus.

Brent crude futures, the world benchmark, ended the trading session down 48 cents, or 0.72%, to settle at $ 66.57 a barrel.

During the session, Brent reached its highest level since March 18th at $ 68.08. US West Texas Intermediate crude futures fell 94 cents, or 1.48%, to settle at $ 62.44 a barrel.

In other parts of Asia, the Philippines is witnessing a second wave of HIV infections, while Hong Kong will suspend flights from India, Pakistan and the Philippines from April 20 for a period of two weeks.

Oil prices jumped in early trading, supported by a disruption in Libyan exports and expectations of a decline in crude inventories in the United States.

Libya declared a state of force majeure on exports from the port of Harika, and said it may extend the procedure to other facilities due to a dispute
About the budget. About 180,000 barrels per day were due to be loaded from the port of Harika in April.

On the other hand, two market sources said, citing data from the American Petroleum Institute, that stocks of both crude oil and output
Distillation in the US rose last week while gasoline stocks fell.

The two sources told “Reuters”, that the Petroleum Institute data showed that crude inventories increased by 436 thousand barrels in the week ending April 16, while gasoline stocks fell by 1.6 million barrels.

Distillate stocks, which include diesel and heating oil, rose by 655,000 barrels.





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