3 Reasons for Oil Prices Decreasing Early in the Week

 The beginning of the week saw crude oil trade decline as operations in the Gulf of Mexico resumed after the Hurricane Delta and the strike in Norway was also halted.


Brent crude futures traded lower at $ 42.45 a barrel, while the US WTI declined at $ 40.22 a barrel.


Black commodity trading strengthened last week following a reduction in production due to the threat of a hurricane Delta and a strike in Norway that forced production to stop and increased confidence that a deal in negotiations on a US stimulus package would be reached.


However, black gold prices plummeted again on Friday after Norwegian oil workers reached an agreement to end the turmoil and restore oil production.



Meanwhile, energy companies have resumed their operations after seeing around 92% of oil production and 62% of gas production shut down following last week's Delta hurricane threat.


Meanwhile, uncertainty in negotiations on US fiscal stimulus has also hampered oil price movements. President Donald Trump has proposed a $ 1.8 trillion aid package over the weekend, but it has not received support from the Senate and Democrats.