empty
 
 

2021.03.1710:05:00UTC+00Oil Extends Losses On Demand Worries

Oil prices fell for a fourth straight session on Wednesday amid uncertainty over when global oil demand will return to pre-Covid levels.

Brent crude for May settlement fell 27 cents, or 0.4 percent, to $68.12 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down 0.3 percent at $64.60.

"Oil demand will likely never catch up with its pre-pandemic trajectory," Paris-based International Energy Agency (IEA) said in its annual medium-term outlook.

Fuel consumption will average just over 101 million barrels a day in 2023 and growth will be subdued thereafter due to new working habits and a shift away from fossil fuels, the IEA said in a report.

A combination of high crude stocks and concerns about stalled vaccine rollouts also weighed on prices.

After the American Petroleum Institute reported an unexpected decline in U.S crude stockpiles last week, traders now look for confirmation of the drawdown in crude stocks in official data due from the Energy Information Administration later in the day.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback