Global Oil Prices Fall to US$63 per Barrel Following Fed Governor's Statement

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Yosepha Pusparisa 12/04/2021 10:55 WIB

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Global crude oil prices weakened on Monday, April 12, 2021, as of 09:57 WIB. Brent crude traded at US$63 per barrel, while WTI was priced at US$59.31 per barrel. Both declined by 0.44%.

Global Crude Oil Price (April 12, 2021, 09:57 WIB)

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Global Oil Prices Fall to US$63 per Barrel Following Fed Governor's Statement

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Global Crude Oil Price (April 12, 2021, 09:57 WIB)

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Global crude oil prices weakened on Monday, April 12, 2021, until 09:57 WIB. Brent crude oil was traded at US$63/barrel, down 0.44% from the previous trading session. Similarly, West Texas Intermediate (WTI) crude oil fell 0.44%, priced at US$59.31/barrel.

Citing Bloomberg, the weakening oil prices followed a statement by the Governor of the U.S. Federal Reserve (The Fed), Jerome Powell, who said that the U.S. economy is poised for growth. However, he also cautioned about the threat of the Covid-19 pandemic.

Oil prices had strengthened in mid-March due to rising Covid-19 cases and the re-implementation of restrictions in several regions. This heightened concerns about short-term fuel demand forecasts. The market also experienced increased supply after OPEC+ allies agreed to increase supply in May.

Editor : Aria W. Yudhistira

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."