Oil prices decline amid demand recovery concerns

16/03/2021 Argaam

Oil prices declined on Tuesday amid renewed concerns over COVID-19 vaccination process as certain European countries suspended the use of AstraZeneca vaccines.

 

International benchmark Brent crude was trading down 0.8% at $68.31 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.9% to $64.82 per barrel.

 

“Prices are pressured by expectations that last month’s winter storm in Texas could keep boosting crude inventories,” Reuters reported, citing Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.

 

American Petroleum Institute’s report on crude stock pile levels is due later today, and the US Energy Information Administration’s report will be released on Wednesday, March 17, 2021.

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