Oil prices fell for a second session today, Friday, to fall further from its highest level in a year after OPEC cut its demand forecast again, and the International Energy Agency said the market was still experiencing a surplus in supplies.<\/p>\n\n\n\n
Brent crude fell 39 cents, or 0.6%, to $ 60.75 a barrel, after dropping half a percent in the previous session. US crude fell 44 cents, or 0.8%, to $ 57.80 a barrel, after falling 0.8% on Thursday.<\/p>\n\n\n\n
The two benchmarks closed on Wednesday at their highest levels since January 2020 after successive near-record daily gains.<\/p>\n\n\n\n
Oil prices have increased over the past few weeks as OPEC and other producers in the group known as OPEC+ cut production, while Saudi Arabia pledged a unilateral production cut that began this month.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) said that oil demand around the world in 2021 will recover at a much slower rate than previously thought.<\/p>\n\n\n\n
Earlier, the International Energy Agency said that oil supplies still exceeded global demand, but the distribution of anti-Covid-19 vaccines is expected to contribute to a recovery in demand.<\/p>\n\n\n\n
According to the US Energy Information Administration, crude oil inventories in the United States fell unexpectedly last week, dropping more than six million barrels as refineries increased production to pre-pandemic levels.<\/p>\n\n\n\n
Analysts in a Reuters poll had expected an increase of about one million barrels.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell for a second session today, Friday, to fall further from its highest level in a year after OPEC cut its demand forecast again, and the International Energy Agency said the market was still experiencing a surplus in supplies. Brent crude fell 39 cents, or 0.6%, to $ 60.75 a barrel, after dropping …<\/p>\n","protected":false},"author":9,"featured_media":34232,"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":[38,36],"tags":[6846],"class_list":["post-41427","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41427","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=41427"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41427\/revisions"}],"predecessor-version":[{"id":41428,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41427\/revisions\/41428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/34232"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=41427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=41427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=41427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}