Oil Prices Are Falling as Pessimism About The Corona Virus Continues

Oil prices fell on Friday, June 4, as optimism about a recovery in fuel demand waned, in light of concerns about the irregular delivery of Covid-19 vaccines globally.

Brent crude fell 13 cents, or 0.2%, to $ 71.18 a barrel, after falling 4 cents yesterday, Thursday, after rising to its highest level since May 2019. Crude is heading for a weekly gain of more than 2% this week.

US crude fell 10 cents, or 0.2%, to $ 68.71, after falling two years in the previous session, but it is heading to record a weekly gain of about 4%.

Both contracts earned about $5 each in the past two weeks, amid optimism that global fuel demand is recovering from the height of the pandemic.