Crude prices go down over demand concerns

Crude oil prices went down around 2 percent on Wednesday amid demand concerns due to increasing number of Covid-19 cases in India, the world’s third-biggest oil importer. At 1355 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $65.29 a barrel after losing 1.89 percent. Likewise, the US West Texas Intermediate (WTI) crude futures shed 2.28 percent to reach $61.24 a barrel. The price for Opec Basket was recorded at $65.10 a barrel with 0.17 percent decrease, Arab Light was available at $65.36 a barrel with 2.51 percent decrease while price of Russian Sokol decreased 2.75 percent to reach $65.48 a barrel. India on Wednesday reported another record increase in the daily death toll from Covid-19. Further battering the market, data from the American Petroleum Institute (API) industry group showed US crude oil and distillate stocks rose in the week ended April 16. Crude stocks rose by 436,000 barrels, API reported. Raising the possibility of further oil supply, Iran and world powers have made headway in talks to save a 2015 nuclear accord, which, if successful, could see sanctions lifted and more Iranian barrels return to the market.

DailyTimes, 22 Apr, 2021

More Business & Finance News

Pakistan cannot increase tariffs or taxes, IMF told: Tarin

View detail

Dr Shamshad Akhtar elected as first female PSX chairperson

View detail

KSE-100 Index Gains 380 Points

View detail

ECC Approves Provision of Extra Electricity to Karachi

View detail

Disclaimer: All information on this page are taken from third party reliable sources of relevant industry channels, with simple aim just for general information for our users. Hamariweb never endorse or recommend for any trading advice as well as accuracy of data provided here.