The prices of WTI and Brent suffered a decrease in their prices at least 2% on Tuesday, June 9.
This Wednesday, the price of WTI crude oil is located at $ 37.95, after yesterday’s fall of 0.99 cents, when the barrel of oil was trading at $ 38.94. Brent also suffered a decrease yesterday. Today the barrel of crude oil is at $ 40.68, with a decline of 2%, $ 0.83.
Referring to yesterday’s close, the WTI opened at $ 38.50 and closed at $ 38.94, while Brent opened at $ 40.95 and closed at $ 41.51.
In this context, crude oil prices appear stable amid the health emergency caused by the coronavirus pandemic. They are in anticipation of the easing of containment measures in different countries around the world.
On the other hand, the summer season is approaching. Consumers started to return to restaurants, traveling, casinos in the US. In recent weeks, airline and cruise stocks have rebounded sharply. Investors doubt that the worst is over. However, the disease is still spreading fast in several US states.
The oil industry is still facing a shortage of demand
Many companies in the energy space like BP, Royal Dutch Shell, and Chevron, announced reductions in their workforce.
After the unusual decline into negative territory, over the month and a half, the price of WTI oil has recovered. Brent has also doubled since the drop to the 21-year lows. If we consider the coronavirus crisis, prices have increased too far. However, the commodity industry is still facing a shortage of demand. There have been talks about shifting to clean energy. Analysts think that the future may bring a massive change in the oil market even in the next year