Oil prices today: A sharp downturn in global oil markets ... OPEC is increasing supplies
Oil prices witnessed a decline on Friday, as Brent crude futures registered 0.2%, to $ 63.08 a barrel, and US West Texas Intermediate crude hit $ 59.59 a barrel, down by a cent.
Investors are assessing the rise in supplies of major producers due to the impact of Corona on fuel demand.
Both contracts are on track to record a drop of between 2 and 3 percent this week. After the Organization of the Petroleum Exporting Countries "OPEC" and its allies, a group known as "OPEC +", agreed to gradually increase supplies by two million barrels per day between May and July of 2021.
Analysts say the decline in global oil reserves will continue, due to the increasing demand for fuel in the second half of the next year.
And it fears the continuation and increase of global precautionary restrictions due to Corona, which greatly affect the demand for fuel.
