Oil prices fell on Monday, building on last Friday’s losses.
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In the morning, a barrel (159 liters) of North Sea Brent cost $ 40.24. That was 78 cents less than on Friday. The price of a barrel of the American West Texas Intermediate (WTI) fell 79 cents to $ 37.70.
Oil prices already fell on Friday due to the worsening corona crisis in the United States. Market observers indicated that the pandemic is still out of control in many regions of the world. At the weekend, the number of infections confirmed worldwide had exceeded the 10 million mark for the first time. A quarter of the infections were reported in the United States, where the pandemic continues to spread rapidly.
Howie Lee, an analyst at Oversea-Chinese Banking Corp in Singapore, estimates that oil prices may have peaked for the time being. In the coming weeks, consolidation and thus falling oil prices are more likely. The expert believes that prices have recovered in the past few weeks to such an extent that production companies in the United States are no longer under so much pressure.
In the United States, the decline in active wells has recently slowed significantly. Last Friday, data from Baker Hughes, one of the world’s leading petroleum service companies, showed that the number of crude oil production facilities dropped by only one facility to 188 last week.
SINGAPORE (dpa-AFX)
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