Open Demo Account
Home / Market Update / Commodities / Oil Extends Losses to More than 6%

Oil Extends Losses to More than 6%

M. Ali 24 March, 2021 1:19 am Commodities, Market Update

Oil prices dropped on Tuesday and entered into a correction wave amid selling pressures and concerns about the outlook for the recovery of the global demand.

A third wave of the Coronavirus pandemic and imposing new lockdown measures in Europe are diminishing hopes of a quick economic recovery and a return to the pre-pandemic levels of oil demand, which the International Energy Agency (IEA) recently expected would not happen before 2023.

Brent crude futures for May delivery finished lower by $4.26, or 6.59%, at $60.36 a barrel.

In the New York Mercantile Exchange (NYMEX), the U.S. West Texas Intermediate (WTI) crude futures for May delivery lost $3.80, or 6.17%, to settle at $57.76 per barrel.

Tags

Check Also

Explainer: Why Does Latest EIA’s Report Matter for Energy Markets?

The recent report from the US Energy Information Administration (EIA) revealed a smaller-than-expected drawdown in …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends