Crude oil prices declined sharply on Thursday, weighed down by rising worries about outlook for energy demand and on news that Colonial Pipeline has resumed operations at its facilities.
West Texas Intermediate Crude oil futures for June ended down by $2.26 or about 3.4% at $63.82 a barrel, the lowest settlement in about two weeks.
Brent crude futures were down $2.44 or 3.52% at 66.88 a barrel a little while ago.
Concerns over a disruption in the supply chain eased after the Colonial Pipeline Company announced that it was restarting pipeline operations and that the supply chain would “return to normal” sometime soon.
The International Energy Agency (IEA) on Wednesday cut its global crude oil demand growth expectations for 2021, saying that the coronavirus crisis in many parts of Asia, particularly India, has clouded the outlook for consumption.
The material has been provided by InstaForex Company – www.instaforex.com