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Continue the downward trend in oil prices

Brent crude oil final price today reached at 54.37$ and the US WTI index hit 50.24 $.

Brent crude oil final price was $ 54.47 on Friday, and US WTI index price was $ 50.32, according to Reuters.

There is a slight decline in oil prices in today’s agreement while traders assess Chinese oil demand after corona virus outbreak and wait for deepening crude oil supply cut by Organization of Petroleum Exporting Countries (OPEC) and its allies to balance the market.

“Despite the declining price trend, sales are high in the market,” said Otar Sando, senior product manager of Philips Futures at Singapore.

“It usually takes at least 6 months for conditions to improve, but there is always hope for new stimulation in the market to improve economic development,” he said.

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