Oil prices fell yesterday in Asian trade after two days of gains after the United States, the world’s largest oil consumer, urged major producers to increase production, bolstering concerns about supplies as economies eased restrictions imposed to combat the Corona virus.
Brent crude futures fell 17 cents, or 0.2 percent, to $71.27 a barrel by 06.50 GMT, after hitting an intraday high of $71.69 earlier.
US West Texas Intermediate crude fell 23 cents, or 0.3 percent, to $69.02.
“Crude prices pared previous gains that resulted from US President Joe Biden’s appeal to OPEC to pump more crude,” said Edward Moya, chief analyst at OANDA. “The rise in oil prices is hitting a major obstacle in Asia, with growing concerns that China’s outlook looks worse this month,” he added.