US, WASHINGTON (ORDO NEWS) — Oil futures fell in price in the evening of March 27, as the fall in world oil demand as a result of the spread of COVID-19 led to a fifth consecutive weekly decline in quotes, MarketWatch writes.
The price of Brent crude for May delivery on the London ICE fell by 6.19% to $ 24.71 per barrel, trading data showed. At the same time, grade oil declined 4.78% to $ 21.52 per barrel.
Amid falling oil prices, the dollar and the euro rose in price against the Russian currency. The American dollar went up to 78.81 rubles, an increase of 1.73%, while the euro rose 1.29% to 86.51 rubles.
At the same time, a drop in oil prices was noted, despite the fact that the US Senate is already close to approving a package of tax incentives to mitigate the economic difficulties caused by the coronavirus pandemic.
According to Robbie Fraser’s senior commodity analyst at Schneider Electric, in terms of oil, focus remains on demand in the market, while global demand is expected to continue to decline in the coming weeks.
The analyst noted that oil prices in the world will decline until demand begins to recover. At the same time, any events during the price wars in the market will not look noticeable, said Fraser.
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