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Global oil price continue to fall

Oil prices fell further on Monday as concern over a persistent glut and economic gloom caused by the Covid19 pandemic combined to cancel out support from supply cuts at some of the world’s top producers.

Brent crude futures were down 29 cents, or 0.9 per cent at $30.68 a barrel by 0431 GMT, while U.S. West Texas Intermediate crude futures fell 17 cents, or 0.7 per cent, to $24.57 a barrel

Although both benchmarks have notched up gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly but this latest fall will no doubt cause panic worldwide.

Oil production worldwide is also declining because of the possible signs of a second wave of coronavirus infections.

Global oil price continue to fall Reviewed by nationalmoonlight on May 11, 2020 Rating: 5

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