Oil prices drifted lower at the mid-week trading session in London.<\/p>\n
The plunge in crude oil prices is largely due to a surge in U.S. crude oil stockpiles and the travel restrictions put in place to limit a new mutant strain of the COVID-19 virus, putting pressure on already weak fuel demand.<\/p>\n
Brent oil futures were down by 1.06% to $49.30 thereby dropping below the $50 mark. West Texas Intermediate futures lost over 1.5% to trade at $46.23.<\/p>\n
What to expect:<\/strong> The oil cartel is expected to ensure that its crude oil production capacity meets the prevailing energy demand. However, the present situation highlights oil bears having a grip on the black liquid hydrocarbon market, at least for the near term until the COVID-19 caseloads get subdued.<\/p>\n","protected":false},"excerpt":{"rendered":" Oil prices drifted lower at the mid-week trading session in London. The plunge in crude oil prices is largely due to a surge in U.S. crude oil stockpiles and the travel restrictions put in place to limit a new mutant strain of the COVID-19 virus, putting pressure on already weak fuel demand.<\/p>\n","protected":false},"author":4,"featured_media":320151,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[120],"class_list":["post-320150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-markets","tag-oil-prices"],"yoast_head":"\n