Oil Finishes Lower Despite Positive Demand Outlook

Oil prices continued to decline on Monday, for the second consecutive session, despite positive expectations for global demand recovery, as the U.S. Dollar (USD) continued to show rebound signs, despite the passing of the $1.9 trillion stimulus package.

The global benchmark Brent crude futures for May delivery finished lower by $0.34, or 0.5%, at $68.88 per barrel.

Meanwhile, the West Texas Intermediate (WTI) futures for April delivery finished lower by 22 cents, or 0.3%, at $65.39 per barrel.

Last week, OPEC’s monthly report expected the global demand for crude oil would rise by 5.89 million barrels per day (b/d) in 2021.