Oil prices falling after previous sharp rise

Oil prices are falling on April 15 morning after the strong growth on April 14, according to trading data, Report informs referring to Prime agency.

As of 8:51 (GMT+4), the price of June futures for North Sea Brent oil blend decreased by 0.09 percent - to $66.52, and the price for May futures for WTI oil - by 0.19 percent to $63.03 per barrel.

On April 14, crude prices increased by 4.6 percent - 4.9 percent. This appreciation was facilitated by data on a higher-than-expected decrease in its reserves in the US, as well as an increase in demand forecasts by the International Energy Agency (IEA) and OPEC.

“Consolidation is likely on the cards as crude may have overshot yesterday,” said Vandana Hari, founder of Vanda Insights in Singapore, Bloomberg reports. “The spike appears to reflect a selective view of a multi-speed world. Europe is still in the throes of Covid’s constraints and India is plunging into a deadlier second wave.”