Saudi Arabia, Russia's Pressure Does Not Affect Oil Prices

 Black commodity prices remain low trading amid fears of a steady increase in Covid-19 cases in the United States and Europe will further weaken global oil demand.


The Brent crude futures benchmark declined at $ 42.22 a barrel, while the US WTI was at $ 39.95 a barrel.


The number of Covid-19 cases worldwide has now exceeded 38 million worldwide, with the United States leading the charts while Europe recorded the highest increase in daily cases since May.


Concerned about the continuing risk in the crude oil market, Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have urged OPEC + members to abide by the agreed production cuts.



However, crude oil trade failed to take advantage of the opportunity to increase following the report.


The two leaders, who spoke via phone call on Tuesday, reportedly discussed the state of the global oil market and the efforts made to achieve balance and support global economic growth.


Meanwhile, OPEC in its latest monthly report expects oil demand by 2021 with an increase of 6.54 million barrels a day to 96.84 million barrels a day, 80,000 barrels lower than last month's forecast.