Oil prices went down after an increase at the end of last week

Oil prices are decreasing after the maximum increase since the beginning of March following the results of the last week, Interfax reports.

The cost of June futures for Brent at the London stock exchange ICE Futures by 8:25 a.m. Kyiv time on Monday amounted to $66.58 per barrel, which is $0.19 (0.28%) below the price at the close of the previous session. As a result of trading on Friday, these contracts fell by $0.17 (0.3%) to $66.77 per barrel.

The price of May futures for WTI at the New York Mercantile Exchange (NYMEX) by this time amounted to $62.97 per barrel, which is $0.16 (0.25%) below the level at the close of the previous session. On Friday, the value of these contracts dropped by $0.33 (0.5%) to $63.13 per barrel.

Over the past week, Brent price went up by 6.1%, WTI – 6.4%, according to Dow Jones.

The price of Brent during trading on Friday increased above $67 per barrel, but the market's attempts to break through the resistance levels were unsuccessful, having encountered a wave of profit-taking, Axi experts say.

Traders are likely wary of a weakening momentum for rising oil prices amid renewed upticks in COVID-19 in India and Japan, as well as attempts by the Chinese authorities to curb lending growth, Axi said in a survey.

At the same time, JPMorgan experts expect the price of Brent to rise to $70 per barrel in May, counting on an increase in demand in the United States.

Tags: oil, Asia, coronavirus, price, petroleum products, oil deliveries, economy, China

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