Oil prices fell again on Friday, due to pressure from weak demand for crude due to the Corona virus crisis and a large surplus in crude supplies.
Brent crude for July delivery fell 1.7% to $ 26.03 a barrel by 10:25 GMT.
While US crude for June delivery fell 2.4% to $ 18.38 a barrel. The Crude rose yesterday strongly, as “Brent” increased by 12%, while the American crude rose by 25%.
The price of a barrel of “Brent” has collapsed by about 60% since the beginning of this year, and last month reached its lowest level in 21 years, as the Corona Virus pandemic pressures demand.
To support the markets, OPEC, Russia and other producers, in what is known as the “OPEC +” group, began to cut production by 9.7 million barrels per day today, but there are doubts that the reduction will be sufficient.
Also, a Reuters survey showed on Thursday that before the new production cut, OPEC strongly increased production to the highest level since March 2019, which strengthens the surplus in the market.