OIL PRICES DROP THIS WEEK, FAILED TO BREAK $50.00

23.12.2020
Market News
23rd Dec. - Global oil prices are declining this week compared to a few weeks ago. Brent Crude Oil was down $ 0.60 or 1.2% and is currently trading at $ 50.32 per barrel while U.S. West Texas Intermediate (WTI) is down $ 0.72, around 1.5% fall and is currently trading at around $ 47.25.

This decline occurred during the emergence of a new Covid-19 variant detected in the United Kingdom. Concerns about the latest developments are worrying investors and traders about the possibility of a pandemic entering the 3rd phase.

At this point, some countries have started vaccination programs. Most recently, Joe Biden, the individual who will lead the White House administration took the initiative by taking the vaccine and broadcasting it live in the media.

The latest Organization of Petroleum Exporting Countries (OPEC) has set a production target of 500,000 barrels per day in January.