The more sad the oil merchant is if it's like this - Kakiforex.com - Financial Market Media No. 1 in the World The more sad the oil merchant is if it's like this The more sad the oil merchant is if it's like this
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March 24, 2021

The more sad the oil merchant is if it's like this

 Oil prices hit their lowest level since early February as a new wave of infections in Europe has dampened hopes for a faster recovery in global fuel demand.


In the Asian session, US WTI futures traded weak at around $ 57.85 a barrel, while Brent crude traded hovering at 60.80 a barrel.


Both benchmarks have fallen more than 14% from the highs they reached earlier this month.



The recovery in demand in Europe is expected to be affected after Germany extended its coronavirus closure until April 18, and Chancellor Angela Merkel also urged her citizens to sit at home for 5 days on the Easter Day holiday.


Adding to the pressure, U.S. crude oil supplies reportedly increased by 2.9 million barrels last week, according to estimates released by the American Petroleum Institute (API).


Moreover, human rights sanctions against China imposed by the US, Europe and Britain that have prompted counter -sanctions from Beijing also add to market concerns.