3 Reasons for a Gloomy Oil Market - Kakiforex.com - Financial Market Media No. 1 in the World 3 Reasons for a Gloomy Oil Market 3 Reasons for a Gloomy Oil Market

April 19, 2021

3 Reasons for a Gloomy Oil Market

 Having opened lower at the beginning of the Asian session, black commodity trading rebounded as the market entered the opening of the European session.

However, crude oil price movements were seen to be limited with US WTI trading struggling to maintain the $ 63 a barrel price.

Brent crude futures traded at around $ 66.50 a barrel.

Last Friday, Russian Energy Minister Alexander Novak said that OPEC+ producers would gradually restore oil production in May and July.

He added that the Russian Ministry of Energy is ready to support the reduction of exports of oil products to support the domestic market. Oil prices declined following the statement.

In addition, oil prices were also affected by concerns over the increase in Covid-19 cases in India and several other countries would affect crude oil demand due to the restrictive measures implemented.

Meanwhile, the decline may also be driven by investors looking to take profits after sending oil prices higher last week.