Commodities

Oil Down Due to Oversupply Fear

Oil down due to oversupply fear

Oil prices witnessed a slash on Friday morning in Asia due to the supply fears amid the rising cases of coronavirus in the biggest consumer markets of fuel like the US and Europe. On the other hand, OPEC is initiating to ease the supply cut in the wake of falling demand.

Brent oil futures went down to $42.75, 0.95 per cent loss at 4:06 AM GMT, while WTI futures plummetted to $40.59, which is 0.90 per cent loss. However, both the futures contract continued the overnight fall, but overall for the week, they have managed gains.

OPEC plus is looking to reduce the supply cuts by 2 million BPD from January 2021. It had agreed to cut it short by 7.7 million barrels BPD earlier.

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