Oil prices continue to fall

According to trading data, global oil prices continue to fall on Friday after rising by almost 2.5% the day before, Report informs, referring to Prime.

As of 15.19 (Baku time), the May futures price for the North Sea Brent crude oil mixture decreased by 0.36%, to 69.38 US dollars per barrel, and April futures for WTI-by 0.36%, to 65.78 US dollars per barrel.

The day before, oil prices jumped almost 2.5% on the growth of risk appetite and expectations for the economic recovery. Now, oil is adjusted, although the indicators remain at the highest level since the beginning of January 2020.

Overall, the oil market remains optimistic, as OPEC+ decided to leave oil production at the current level (except for the possibility of increasing it for Russia and Kazakhstan), vaccination against coronavirus continues, and the authorities of the countries continue to support the recovering economy.

So, US President Joe Biden signed on Thursday a program for $ 1.9 trillion, including, among other things, direct payments to most taxpayers of $ 1,400. The European Central Bank (ECB) on Thursday expectedly kept the benchmark interest rate at a record low zero level and left unchanged the parameters of the particular asset purchase program Pandemic emergency purchase program (PEPP).

"We tested Brent at 70-72 US dollars, and this level is holding up pretty well. I'm still cautious about a major downward correction, " said Hans van Cleef, senior economist at ABN Amro, quoted by Bloomberg.