The oil began with a deep in Asia on the back of analyst warning over the weak demand recovery.Brent oil futures were down 0.17% to $36.11 just past mid-day
The oil began with a deep in Asia on the back of analyst warning over the weak demand recovery.
Brent oil futures were down 0.17% to $36.11 just past mid-day and WTI futures dropped 0.32% to $234.24 as investor’s drawback from the black liquid.
Analyst warning came as the US heads into its peak demand season. States are reopening after months of lockdown and the state of New York is expected to open in June.
Early estimates on gasoline indicate that there will be a decline in demand by as much as 30% from last year due to the stay at the home mandate. The sentiment still exists due to the US-China strain.