Oil became more expensive – Trade News

Crude oil prices jumped more than 2 percent in last night’s trading, but recorded the worst week since October due to yesterday’s heavy fall.

West Texas Intermediate (WTI) crude oil futures jumped 2.37 percent to $ 61.42 a barrel.

Brent crude oil international price jumped 1.98% to $ 64.53 a barrel.

Both crude indexes fell more than 7 percent in trading on Thursday, fearing a sharp drop in oil demand following a worsening corona outbreak in Europe and new quarantine restrictions. Problems with the distribution of the Corona vaccine and concerns about side effects have also put pressure on prices.

On the other hand, as oil demand declined with the corona outbreak, shale oil producers increased their production, creating surplus crude oil in the markets.

Source: Mehr

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