Oil prices decline on Tuesday amid a new wave of quarantine measures in Europe in connection with the renewed increase in the incidence of coronavirus infection.
In a number of US states, including New Jersey and Michigan, the number of new cases of COVID-19 is also growing, and the spread of this trend to other regions of the United States could undermine the authorities’ efforts to open the economy, said Oanda analyst Edward Moya.
“Vaccinations are progressing well, but short-term risks remain high,” MarketWatch quotes an expert.
The cost of May Brent oil futures on the London ICE Futures exchange is currently $ 68.39 per barrel, which is $ 0.49 (0.71%) below the closing price of the previous session. As a result of trading on Monday, these contracts fell by $ 0.34 (0.5%) – to $ 68.88 per barrel, although during the session their price rose above $ 70 per barrel.
The price of WTI crude oil futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 64.94 per barrel, which is $ 0.43 (0.66%) below the level at the close of the previous session. On Monday, the value of these contracts fell by $ 0.22 (0.3%) to $ 65.39 per barrel.