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Oil Prices Decline for First Time in Five Sessions

M. Ali 9 March, 2021 12:38 am Commodities, Market Update

Oil prices declined on Monday for the first time in five sessions after briefly rising due to fears about geopolitical tensions.

Brent crude futures for May delivery lost $1.12 or 1.6%, to close at $68.24 per barrel.

The global benchmark futures exceeded $71.3 per barrel yesterday, trading higher than $70 for the first time since January 2020.

Meanwhile, the West Texas Intermediate (WTI) crude futures for April delivery declined by $1.04, or 1.6%, to finish at $65.05 per barrel.

Last week, oil futures scored large gains after the OPEC+ alliance decided to extend the output curbs to the end of April.

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