Oil prices drop on coronavirus risks and US inventories data

World oil prices on April 21 morning are decreasing on coronavirus risks, investors also drew attention to the data of the American Petroleum Institute (API) on crude reserves in the US, Report informs referring to Prime agency.

As of 8:36 (GMT+4), the price of June futures for North Sea Brent crude oil blend decreased by 0.72 percent, to $66.09, while the cost of June futures for WTI oil fell by 0.81 percent to $62.16 per barrel.

Oil prices are declining as the coronavirus situation again begins to create significant uncertainty for the economic recovery and, therefore, oil demand. So, India and Japan are recording an increase in new infection cases, which leads to the risk of tightening quarantine.

Investors also drew attention to the API data, according to which commercial oil reserves in the US over the past week unexpectedly increased by 0.4 million barrels. Inventories have been declining for three consecutive weeks. The official statistics of the country’s Department of Energy will be published in the evening.

In addition, the US House Committee on the Judiciary has recently approved a law allowing antitrust lawsuits against OPEC member countries in this country.