Oil prices slightly declining

Oil prices on April 15 afternoon continue to decline after the hike on April 14, according to trading data, Report informs referring to Prime agency.

The price of June futures for North Sea Brent oil blend decreased by 0.36 percent, to $66.34, and the price of May futures for WTI oil - by 0.41 percent, to $62.89 per barrel.

On April 14, oil rose in price by almost 5 percent on reports of a larger-than-expected decrease in its reserves in the US, as well as an increase in forecasts for demand by the International Energy Agency (IEA) and OPEC.

Analysts expect a further rise in oil prices after the resumption of transport links between countries and the lifting of restrictions on movement within states imposed in connection with the new coronavirus.

“The environment on the oil market remains favorable,” Eugen Weinberg, head of commodities research at Commerzbank AG, told Bloomberg. “The picture in the oil market is continuing to brighten despite ongoing restrictions in Europe and India.”