Oil prices closed lower on Friday and lost nearly two percent this week in light of production increases and renewed anti-Covid-19 shutdowns in some countries, which cast a shadow over optimism about the recovery in fuel demand..
Brent crude futures fell 22 cents, the equivalent of 0.4 percent, to determine the settlement price at $ 62.95 a barrel. U.S. West Texas Intermediate crude ended down 28 cents, or 0.5 percent, at $ 59.32.
Oil is under pressure after the Organization of the Petroleum Exporting Countries and its allies, known as the OPEC + group, decided to increase supplies by two million barrels per day between May and July.
Jim Ritterbusch, president of Ritterbusch & Co. in Galena, Illinois, said, “The favorable factors for oil demand are largely negated by the expected increase in OPEC + production, which may approach two million barrels per day by the end of July.”