empty
 
 

2021.04.0519:17:00UTC+00Crude Oil Futures Settle Sharply Lower

Crude oil prices declined sharply on Monday, weighed down by the recent decsion of major oil producers to increase production from May, and on concerns about outlook for energy demand due to rising coronavirus cases.

West Texas Intermediate Crude oil futures for May ended down $2.80 or about 4.6% at $58.65 a barrel, the lowest settlement in more than a week.

Brent crude futures were down $2.61 or about 4% at $62.25 a barrel a little while ago.

The Organization of the Petroleum Exporting Countries, Russia and their allies, collectively known as OPEC+, decided last week to boost output in May by 350,000 barrels a day, and by the same amount again in June, and further 400,000 bpd or so in July.

Saudi Arabia will restore an additional 1 million barrels per day in cuts that it made on its own as economies slowly expand after pandemic lockdowns.

Meanwhile, outlook for energy demand appears to be weak due to spikes in coronavirus cases in several countries, including India.

  • 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 $9000 more!
    In May we raffle $9000 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