Brent is trading at $60.77 per barrel

By 7:18 a.m. Kyiv time, May futures for Brent on the London ICE Futures exchange fell by $0.02 (0.03%) to the level of the closing session on Tuesday and traded at $60.77 per barrel. During the previous trading session the contract fell by $3.83 (5.9%) to $60.79 per barrel, Interfax reports.

By this time, May futures for WTI were cheaper in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.01 (0.02%) to $57.75 per barrel. On Tuesday, WTI price went down by $3.8 (6.2%) to $57.76 per barrel.

Earlier, during the trading, both contracts temporarily went up.

On Tuesday, they fell to their lowest levels since February. Brent went down by 12.7% from its recent peak of $69.63 a barrel on March 11, according to Dow Jones Market Data. WTI – by 12.6% since March 5, when it peaked at $66.09 a barrel.

Germany – the largest economy in the Eurozone – extended quarantine measures until April 18 and introduced some new restrictions to contain the rise in coronavirus infections, MarketWatch notes.

“The surge in cases of the virus in continental Europe, where vaccinations are extremely slow, has cast doubt on the resumption of travel in the region,” said ThinkMarkets analyst Fawad Razakzada.

Investors on Wednesday await the publication of data from the US Department of Energy on energy reserves in the country.

Tags: oil, USA, coronavirus, stocks, price, Germany, gasoline, quarantine, pandemic, COVID‑19 vaccine, Europe

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