Oil prices are declining on Thursday, the last session of 2020, a year in which crude futures lost more than 20% of their trading value.<\/p>\n\n\n\n
The Coronavirus pandemic has severely impacted the global oil industry, with crude prices hitting lows not seen in years amid a decline in demand for energy in 2020.<\/p>\n\n\n\n
After starting the year with oil prices at $70 per barrel, supported by the recovery that was helped by the OPEC+ alliance production cuts, crude prices reached $20 a barrel in April.<\/p>\n\n\n\n
However, oil is closing the nearly double its price levels in April.<\/p>\n\n\n\n
As it stands, Brent crude futures are set to end the year with losses of about 22.5%, while the U.S. West Texas Intermediate (WTI) futures are down by about 21.4%, according to Reuters.<\/p>\n\n\n\n
A recent report by the Financial Times expects a recovery in the demand for oil in early 2021, based on recent projections by the International Energy Agency (IEA).<\/p>\n\n\n\n
Demand is expected to increase by 6 million barrels per day (b\/d) in 2021, reaching 96.9 million b\/d in the next year.<\/p>\n\n\n\n
This compares to a record level of demand at 100 million b\/d that was seen in 2019.<\/p>\n\n\n\n
It was originally expected that the demand for crude oil will increase by one million barrels a day in 2020 and 2021, but this has changed due to the COVID-19 crisis.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices are declining on Thursday, the last session of 2020, a year in which crude futures lost more than 20% of their trading value. The Coronavirus pandemic has severely impacted the global oil industry, with crude prices hitting lows not seen in years amid a decline in demand for energy in 2020. After starting …<\/p>\n","protected":false},"author":10,"featured_media":31319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[6846],"class_list":["post-39284","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=39284"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39284\/revisions"}],"predecessor-version":[{"id":39285,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/39284\/revisions\/39285"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31319"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=39284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=39284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=39284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}