Oil prices fell yesterday, to continue the large losses incurred in a previous trading session, and are heading towards a weekly decline, due to fears of renewed public isolation measures following the rise of new cases of Corona virus (COFED-19) in the United States and elsewhere, which negatively affects demand The fuel.
And "Brent" crude fell 73 cents, or 1.7%, to 41.62 dollars a barrel, after falling more than 2% on Thursday. US crude fell 83 cents, or 2.1%, to $ 38.79 a barrel, after falling 3% in a previous session. And Brent appears heading towards a weekly decline of about 3%, and the US crude is heading towards a decline of about 4.5%. As for trading in Singapore, it is quiet with a holiday because of the elections.
While many analysts expect economies to recover and demand for fuel, the daily record high for Corona virus infections in the United States, the world's largest oil consumer, raises concerns about the pace of recovery. "We may need proof that the United States took control of (Covid-19), to launch a sustainable rise," said Jeffrey Haley, chief market analyst at US trading company Oanda. And oil stocks are still experiencing a glut due to the erosion of demand for gasoline, diesel and the rest of the fuels during the first outbreak of the pandemic, while US oil stocks rose by about six million barrels last week, after analysts expected it to drop by about half of that number.