Petroleum prices fall again

Petroleum prices fall again

Oil prices are sliding again due to the lack of sufficient market demand. Thus, due to the slumping demand, the July futures for Brent crude dropped 2 percent, to US$25.9 a barrel in the morning trade on Monday. The price of the West Texas Intermediate (WTI) crude, North America’s oil benchmark, dropped by more than six percent, to US$18.48 a barrel. 

It was previously reported that due to the abundant supply and plummeting demand, as well as the reduction in the capacity of surface reservoirs, fuel is now stocked in oil tankers. Oil traders and refineries are ready to store fuel in the pipelines after all the tank vessels fill up.

The new OPEC+ deal became effective on May 1. The Organization of the Petroleum Exporting Countries, Russia and other producers, known as OPEC+, agreed to cut output by 9.7 million barrels per day.