The decline in oil prices, under pressure from the fears of the spread of the epidemic

Economy

6-05-2021, 17:44

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Follow-up-INA

crude oil prices fell, after they rose earlier today, Thursday, under pressure from the increase in epidemic cases in India and elsewhere, despite a drop that greatly exceeded expectations for US crude stocks.

Brent crude futures fell 28 cents, or 0.4 percent, to $ 68.68 a barrel by 0939 GMT, and U.S. West Texas Intermediate crude futures lost 31 cents, or 0.5 percent, to $ 65.32 a barrel.

The two benchmarks recorded their highest levels since mid-March on Wednesday before retreating to close the session unchanged after two days of gains.

Hopes that the deadly second wave of the epidemic in India would approach its climax on Thursday were dashed with record daily numbers of injuries and deaths and as it spread from cities to villages in the second most populous country in the world.

Source: Reuters