Oil falling on doubts about restoration of demand for crude

Global oil prices fell on April 26 morning amid growing doubts about demand for crude in light of the continuing rise in the number of new coronavirus infection cases, Report informs referring to Prime agency.

As of 8:33 (GMT+4) the price of July futures for North Sea Brent crude oil blend decreased by 0.34 percent, to $65.2 per barrel, and June futures dropped by 0.39 percent to $65.85. The cost of June futures for WTI oil fell by 0.26 percent to $61.98 per barrel.

The situation with the coronavirus continues to put pressure on oil prices. Infection cases are growing in a number of countries, such as India and Japan, which threatens a recovery in demand for crude due to quarantine restrictions imposed by the authorities.

The OPEC+ meeting will take place on April 28. Earlier, Russian Deputy Prime Minister Alexander Novak told reporters that the task at this meeting would be to analyze the situation on the oil market. Novak also noted that for now the market situation is assessed as balanced.