News 4 may — 10:37

Oil prices are going down


The benchmark crude oil prices declined moderately in trading on Monday after rising in the previous session. This is evidenced by the bidding data.

Hopes for a rebound in oil demand amid renewed economic activity around the world offset concerns about the rising incidence of COVID-19 in India and the increase in OPEC+ production, writes Trading Economics.

The cost of July futures for Brent oil on the London ICE Futures exchange is currently $67.41 per barrel, which is 15 cents (0.22%) lower than the price at the close of the previous session. As a result of trading on Monday, these contracts rose by 80 cents (1.2%) - up to $67.56 per barrel.

The price of WTI crude oil futures for June in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $64.34 per barrel, which is 15 cents (0.23%) below the level at the close of the previous session. On Monday, the value of these contracts increased by 91 cents (1.4%) to $64.49 per barrel.

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