News 4 may — 10:37

Oil prices are going down

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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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