Oil Prices Have Declined

Oil prices have declined. The rising dollar and the increasing number of coronavirus cases suppressed the oil prices. As a result of the strong US dollar that started the new week and the increasing number of coronavirus cases, oil prices continued to lose in Asian transactions. Futures contracts were traded at $ 52 a barrel in the New York market after a 2.3% decline on Friday. The dollar, on the other hand, soared on Monday and decreased the interest in dollar-denominated commodities. On the other hand, the Chinese industrial production and growth data announced on Monday exceeded expectations and allowed oil to recover some of its losses. While the number of coronavirus (Covid-19) cases continues to rise around the world, the energy demand in India made a vibrant entry into the year as fuel sales for transportation and use decreased. Howie Lee, Economist at Oversea-Chinese Banking Corp, said the following regarding the general state of the market: “The inauguration ceremony of Biden will be at the focus of the markets this week, and especially how quickly he can implement its newly announced fiscal stimulus plan will be monitored.” West Texas-type crude oil (WTI) for February futures fell 0.8 percent in the Nymex market at Singapore time, to $ 51.93 a barrel. Brent oil for March futures, on the other hand, fell 0.9 percent on the London ICE Futures Europe market after falling 2.3 percent on Friday and traded at $ 54.58 a barrel.