Gloomy trades adorn the Crude Oil market

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 The gloomy movement graced the black commodity trade, weighed down by the prospect of weak demand in Europe due to a slowdown in the vaccination campaign.


Since last week, several European countries, including Germany, France and Italy have suspended the use of the AstraZeneca vaccine following reports of side effects such as blood clots experienced by vaccine recipients.


This has resulted in limited crude oil price movements and traded around the same price level since the beginning of the week.



Also putting pressure on prices, was when the International Energy Agency also said that global crude oil demand was unlikely to return to pre-pandemic levels until 2023.


At the start of the European session, US WTI futures traded lower around $ 64 a barrel, while Brent crude oil futures traded at $ 67.25 a barrel.


Meanwhile, official U.S. crude oil supply data published by the Energy Information Administration (EIA) showed an increase of 2.4 million barrels last week, better than market expectations for an increase of 2.8 million barrels.

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