Oil declining as Coronavirus cases rise

Oil prices plummeted today as the record high in new cases of coronavirus Covid 19 in the United States and Europe continues, in addition to the rise in Libyan oil production, which leads to an increase in the supply of crude.

The Organization of Petroleum Exporting Countries OPEC and its allies are set to reduce current supplies of 7.7 million barrels per day by 2 million barrels per day in January, and OPEC expects to increase stocks of crude next year.

Brent crude futures, the global benchmark, fell $ 42.93 a barrel, US West Texas Intermediate crude futures fell to $ 40.88 a barrel, and during the week Brent crude rose 0.2% and West Texas crude rose 0.7%.