World oil prices plummeted


June price of Brent oil fell 2.71 USD / barrel to 62.15 USD / barrel. US light sweet crude oil (WTI) futures fell 2.80 USD / barrel to 58.65 USD / barrel.

World oil prices fell more than 4% on April 5, as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC +, will increase production along with the threat. The threat of another serious wave of acute respiratory infections, COVID-19, has eclipsed signs of strong economic recovery in the US.

Closing this session, June price of Brent crude fell $ 2.71, or 4.2%, to $ 62.15 / barrel. Meanwhile, the US light sweet crude oil (WTI) futures prices fell 2.80 USD, or 4.6% to 58.65 USD / barrel.

According to the agreement reached on April 1, OPEC + will increase its monthly output from May to July 2021, which means that OPEC + will only cut more than 6.5 million barrels of oil. days from May, compared with the previous 7 million bpd cut and Saudi Arabia voluntarily cut another 1 million bpd. Meanwhile, OPEC member Iran is exempt from voluntary cuts, which will also increase the supply of “black gold”.

Crude oil prices rebounded from last year’s record lows on the back of strong output cuts, and much of the cut deal remained after July.

In addition, the global economic outlook is bleak because of another wave of COVID-19 infections. The number of COVID-19 infections increased dramatically in India, Canada and many other countries, while France tightened blockade orders to stop the spread of the epidemic.

The United States saw job growth in March exceed 900,000 jobs, and was even one of the fastest in the world to launch the COVID-19 vaccine for people in the world.