Crude oil prices crossed the $70 mark on Tuesday morning before going down in the day as reopening of the US and European economy strengthened hopes for recovery in fuel demand. At 1310 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $69.35 a barrel after shedding 0.16 percent. Likewise, the US West Texas Intermediate (WTI) crude futures shed 0.30 percent to reach $66.07 a barrel. The price for Opec Basket was recorded at $66.16 a barrel with 0.62 percent decrease, Arab Light was available at $69.13 a barrel with 1.89 percent increase while price of Russian Sokol increased 1.80 percent to reach $69.62 a barrel. According to analysts, there are concerns about spreading infection cases in Asia, as Singapore reported the highest number of local infections in months and Taiwan saw a spike in cases, and both countries have reinstituted lockdown measures. In India, the second-hardest hit by the pandemic, domestic sales of gasoline and diesel by state refiners plunged by a fifth in the first half of May from a month earlier as pandemic lockdowns hit industrial activities and consumption.
Leave a Comment