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Oil Futures End Gains Rally and Close Lower

M. Ali 12 February, 2021 12:38 am Commodities, Market Update

Oil prices declined on Thursday, ending its best rising-streak in about two years, amid concerns about the recovery of the global demand this year.

Earlier today, the Organization of the Petroleum Exporting Countries (OPEC) revised down its expectations for the global demand for crude oil to rise by 5.8 million barrels per day (b/d) in 2021, decreasing its previous expectations by about 100,000 b/d.

Brent crude futures for April delivery decreased by 33 cents, or 0.5%, to close at $61.14 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for March delivery finished lower by 44 cents, or 0.8%, at $58.24 per barrel.

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