Tuesday, 11 May 2021 12:43 GMT

Oil prices decline amidst demand concerns, increasing U.S. stockpiles

( MENAFN ) On Wednesday, Apr. 21 oil prices dropped, weighed by long-standing demand worries and an unpredicted build in U.S. crude inventories.

Brent crude for delivery of June dropped USD1.25 to settle at USD65.32 per barrel on the London ICE Futures Exchange. The West Texas Intermediate for delivery of June fell USD1.32 to close at USD61.35 per barrel on the New York Mercantile Exchange.

Carsten Fritsch, energy analyst at Commerzbank Research, stated in a note on Wednesday: "there are growing concerns about demand in view of the continued sharp rise in the number of new coronavirus cases in major emerging economies such as India."

Prices were as well pressured as figures demonstrated a surprise climb in U.S. supplies.

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