Oil prices fell yesterday to give up early gains, after the worst economic downturn in China overshadowed news about plans for US President Donald Trump to move the US economy again.
And Brent crude fell 10 cents, or 0.4%, to 27.72 dollars a barrel, while US crude for delivery in May tumbled 1.54 dollars, or 7.8% to 18.33 dollars. The most active June delivery contract fell three cents, or 0.1%, to $ 25.50.
Meanwhile, China's economy fell due to data showing a 6.8 percent year-on-year contraction of GDP in the first quarter of this year, the first quarterly decline since quarterly data was started in 1992.
The data was released after US President Donald Trump instituted a three-stage process to end general isolation measures in the United States.
"Brent crude" rose more than a dollar earlier in the trading session, and was also supported by a report that provided encouraging partial data from experiments with the experimental drug "Remisevir" of the American company "Gilead Sciences" on patients with severe cases of the emerging corona virus (Covid-19). ).
The benchmarks are heading for losses for the second week in a row, with US crude prices continuing near the lowest level in 18 years.
In China, the average daily consumption of refineries from crude oil fell to its lowest level in 15 months, while government refineries maintain significant production cuts, but there are some signs of recovery as the country begins to ease measures to contain the Corona virus.
The Organization of Petroleum Exporting Countries (OPEC), and producers including Russia, in what is known as the "OPEC +" group, agreed last week to cut production by about 10 million barrels per day, after the collapse of a previous agreement on supplies.
0.1%
A drop in the contract for the most active next June delivery, to reach $ 25.5.