Oil prices tumble amid demand worries

0 Comment(s)Print E-mail Xinhua, April 6, 2021
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NEW YORK, April 5 (Xinhua) -- Oil prices dropped noticeably on Monday as traders grew concerned over the decision by major producers to ease output curbs amid sluggish demand outlook.

The West Texas Intermediate for May delivery lost 2.8 U.S. dollars, or 4.6 percent, to settle at 58.65 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 2.71 dollars, or 4.2 percent, to close at 62.15 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Thursday agreed to gradually boost output starting in May.

The group is restoring production that was slashed last year to support prices as fuel demand sagged amid the COVID-19 pandemic.

Last week, the Joint Technical Committee (JTC) of OPEC+ downwardly revised its estimates for oil demand in 2021. The JTC now expects global oil demand to increase by 5.6 million barrels per day this year, rather than by 5.9 million barrels as envisaged just a month ago.

For the holiday-abbreviated trading week ending Thursday, U.S. crude futures climbed 0.8 percent and Brent crude gained 0.7 percent, based on the front-month contracts. Enditem

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