Global Oil Prices Fall to US$66.62 per Barrel (Monday, May 3, 2021)

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Yosepha Pusparisa 03/05/2021 11:44 WIB

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Global oil prices fell on Monday, May 3, 2021, until 10:51 WIB. Brent crude traded at US$66.62 per barrel. Similarly, WTI crude also declined to US$63.44 per barrel, down 0.49%.

Global Crude Oil Daily Price (May 3, 2021, 10:51 WIB)

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Global Oil Prices Fall to US$66.62 per Barrel (Monday, May 3, 2021)

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Global Crude Oil Daily Price (May 3, 2021, 10:51 WIB)

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Global crude oil prices fell on Monday, May 3, 2021. As of 10:51 WIB, Brent crude was trading at US$66.62 per barrel, down 0.45% from the previous trading day. Similarly, West Texas Intermediate (WTI) crude oil also decreased to US$63.44 per barrel, a decline of 0.49%.

According to Reuters, the price drop is attributed to the ongoing second wave of COVID-19 in India. Regional restrictions implemented to curb the spread are expected to reduce oil demand in May, especially considering India's position as the world's third-largest oil importer.

Nevertheless, global optimism remains. The acceleration of COVID-19 vaccinations is expected to boost global fuel demand, particularly in anticipation of the peak summer holiday season.

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."