Oil prices facing a global decline

Follow-up - INA
oil prices went down today, Friday, after touching their highest levels in six weeks yesterday, as fears of closure measures in India and Brazil overshadowed the positive expectations of increased demand for oil.

Brent crude fell by 0.5 percent to $ 68.25 a barrel, while US West Texas Intermediate crude reached $ 64.59 a barrel, a decrease of 0.7 percent.
"The recovery in demand after Covid-19 remains uneven, and the rise in Indian cases is a timely reminder that any rise to $ 70 is premature," Energy Aspects analysts said in a note.

They said that such a level is likely to be reached in the third quarter of this year, when demand substantially improves and inventories are reduced.
The third largest consumer of oil in the world (India) is going through a deep health crisis, with hospitals and morgues crowded with coronavirus victims, as the total number of Covid-19 cases exceeded 18 million, yesterday, Thursday.

And "Brent" is on the way to rise by about eight percent in April 2021, while "West Texas Intermediate" crude may see an increase of about ten percent this month.

Source: Reuters