Business Oil relapses in Asia

Oil relapses in Asia

Singapore (awp / afp) – Oil prices fell again in Asia on Monday when the market opened after their recovery last week, fears of overproduction and lack of storage capacity resurfacing.

In the first exchanges Monday morning, a barrel of West Texas Intermediate (WTI) American lost about 8% to 18.19 dollars per barrel. As for the barrel of Brent from the North Sea, it fell by 3% to 25.56 dollars.

Oil prices had ended in dispersed order last week as an agreement came into effect that is supposed to drastically lower production of black gold around the world and restore some equilibrium to a crumbling market, and as several large global economies plan to deconfigure and restart.

However, the reluctance took hold of the market again on Monday, according to operators, who however believe that prices should start rising again soon.

“With this deeply distressed demand, any sign of rebalancing, whether through economic rebounds or forced or agreed production cuts should support oil prices at their current levels,” said Stephen Innes, strategist at AxiCorp.

cla / sr / axn / roc / ob

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