Oil Prices Ease On Rising Supplies
WASHINGTON (dpa-AFX) - Oil prices fell slightly on Friday as investors weighed rising supplies from major producers and the impact of Covid-19 lockdowns on fuel demand.
Brent crude for June settlement dipped 0.3 percent to $63 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for May delivery were down 0.2 percent at $59.49 per barrel.
Both contracts are poised for a weekly decline after the Organization of the Petroleum Exporting Countries and allied producers have agreed to gradually increase their output by 2 million barrels per day between May and July.
The forecast for global oil demand outlook has shifted lower amid renewed lockdowns in parts of the world to curb rising Covid-19 cases and problems with vaccinations.
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NEW YORK (Reuters) - Oil prices edged lower in rangebound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
FILE PHOTO: The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann
Brent crude futures for June fell 16 cents, or 0.3%, to $63.04 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate (WTI) crude for May was at $59.38, down 22 cents.
Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago.
Oil prices dip on mixed supply and demand outlook
Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell 16 cents, or 0.25%, to $63.04 a barrel by 1014 GMT while U.S. West Texas Intermediate (WTI) crude for May was at $59.53, down 7 cents.
Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago. Exerting downward pressure is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
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Oil falls, ends week about 2% lower on supply increase, new lockdowns By Laura Sanicola
Views of Total Grandpuits oil refinery
NEW YORK (Reuters) – Oil prices edged lower in rangebound trade on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell 16 cents, or 0.3%, to $63.04 a barrel by 1:38 p.m. EDT (1738 GMT). U.S. West Texas Intermediate (WTI) crude for May was at $59.38, down 22 cents.
Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago.