LONDON: Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture of the Covid-19 pandemic’s impact on fuel demand.
Brent crude futures for June fell $0.16, or 0.25%, to $63.04 a barrel by 1014 GMT while US West Texas Intermediate (WTI) crude for May was at $59.53, down $0.07.
Both contracts are on track for a 2-3% drop this week, but still far from a low of $60.47 hit two weeks ago.
Exerting downward pressure is the decision by the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July. Read more…..
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