Oil prices decline due to “Corona” injuries, especially in India

0
359

Crude oil prices retreated at the beginning of weekly trading on Monday, under pressure from the acceleration of Coronavirus infections around the world.

Especially in India, in addition to the closings by major markets.

-Advertisement-



Earlier today, the Indian Ministry of Health announced the registration of 368,147 new cases of coronavirus during the past 24 hours, including 3,417 deaths.

At 07:00 GMT, global benchmark Brent crude futures prices fell for July delivery. And by 0.81 percent, or 53 cents, to 66.22 dollars a barrel.

US West Texas Intermediate crude futures for June delivery also fell 0.79 percent, or 49 cents, to $ 63.06 a barrel.

India is the third largest importer of crude oil in the world, with a daily average of between 4.6 – 4.9 million barrels per day.

In early April, the “OPEC +” alliance agreed to ease production restrictions.

And by 350 thousand barrels per day in May, to stabilize the production cut at about 6.65 million barrels per day.

The coalition will implement another easing in reducing production from next June by another 350,000 barrels per day to 6.3 million barrels.

This follows another dilution of nearly 400,000 barrels per day to 5.85 million barrels in July.