Oil prices decline on discouraging demand outlook

Oil prices decline on discouraging demand outlook

Picture used for illustrative purpose. File



Gulf Today Report 

Oil prices dropped on Friday as new wave of coronavirus sprang up across Europe leading to new lockdowns.

US West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 05:52 GMT while Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel. 

READ MORE 

Gold drops due to the firmness of dollar

Google to invest over $7b in US

Brazil's central bank makes first interest rate hike in six years

In a note on Friday, Jeffrey Halley, senior market analyst at OANDA said the drop of oil prices on Thursday has led to physical buyers leaping at the chance to load up on cheap oil.

According to analysts, the surge in coronavirus cases, fresh lockdowns and slow vaccination rollout have left the market worried.

Supplies of oil are plentiful as well, with Saudi Arabia's crude exports increasing