Energy News Today

News of COVID-19 increase in Europe creates oil price decline

The petroleum industry in the U.S. encountered a variety of bad news recently as a resurgence of COVID-19 came to light in Europe, demand projections were reduced, oil prices slipped 6%, and talks in Washington included the possibility of a tax on carbon from fossil fuels.

Germany, France and Italy increased lockdown measures in response to new outbreaks of COVID-19. Oil traders surmised that the lockdowns will decrease demand and quickly bid down oil prices from $70 per barrel for Brent crude, which is traded on the international exchange, to $62. Oil closed at $60 on the New York Mercantile Exchange on March 24. Energy Information Administration (EIA) reported a 2-million-barrel increase in oil inventories up to 500 million barrels, which is the fifth consecutive week inventories have increased.

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2021-03-27 17:00:18

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