Because of this factor, oil prices are safe from low declines - Kakiforex.com - Financial Market Media No. 1 in the World Because of this factor, oil prices are safe from low declines Because of this factor, oil prices are safe from low declines
InstaForex

April 26, 2021

Because of this factor, oil prices are safe from low declines

 Black commodity trading moved slowly in the Asian session, weighed down by market concerns over an increase in coronavirus cases in India and Japan that would hurt fuel demand in Asia.


U.S. crude futures traded down 20 cents at $ 61.94 a barrel, while Brent crude was down 26 cents at $ 65.17 a barrel.


Market concerns over demand in India and Japan, which are also the world's third and fourth largest oil consumers, have caused oil trade to remain gloomy.


The situation of Covid-19 in India is deteriorating, prompting the United States to send medical supplies to fight the crisis.



In Japan, a third state of emergency in Tokyo, Osaka and two other provinces began to take effect on Sunday, affecting nearly a quarter of the country’s population.


However, at the same time, sentiment towards the oil market was also offset by the recovery in economic activity exhibited by the US and Europe.


This caused oil prices to be limited from recording lower declines earlier in the week.


On Friday last week, the market was battered with economic data showing the manufacturing and services sectors in the US and Europe recorded a stronger-than-expected recovery.