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Oil Prices Decline Again

Baghdad, Oil prices fell again in early trading today, Monday, which cuts gains last week, amid fears that the oil supply will continue to be abundant.

US West Texas Intermediate crude futures fell $ 1.46, or 7.6 percent.

Brent crude futures fell 90 cents, or 3.4 percent, to $ 25.54 a barrel, after touching $ 25.53.

And Brent crude rose last week by about 23 percent, after incurring losses for three consecutive weeks.

The markets received support last week as it was scheduled that the major oil producers, led by Saudi Arabia and Russia, would start cutting production on May 1.

But US President Donald Trump’s comments, in which he threatened to discuss increasing tariffs on China in response to the outbreak of the Corona virus, renewed fears that trade tensions could hinder economic recovery and end oil price gains.

Source: National Iraqi News Agency

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