Crude Oil Prices Dropped to Levels Below USD 60 per Barrel

JAKARTA, KOMPAS.com – Crude oil prices global closed down in the trading session Thursday (25/3/2021) local time.

The closure of the Suez Canal until it is implemented lockdown in various countries it has been a trigger for weakening crude oil prices.

Reporting from OilPrice, Friday (26/3/2021), the benchmark crude oil price of the United States (US), West Texas Intermediate (WTI), closed down 2.8 US dollars per barrel to 58.88 US dollars per barrel.

Also read: Crude Oil Prices Have The Highest Decline Since April 2020

This figure is equivalent to a decrease of 4.58 percent compared to the previous day.

The decline was also experienced by the global benchmark crude oil price, Brent, which closed down 2.48 US dollars per barrel or 3.85 percent, to a level of 61.93 US dollars per barrel.

The increasing number of positive cases of Covid-19 in some European countries has made the governments in these countries decide to re-implement it lockdown.

This also immediately made investors feel worried.

Poland is one of the European countries that has experienced a significant increase in Covid-19 cases.

Also read: Saudi Aramco Facility Dirudal, Crude Oil Price Reaches 70 US Dollar Level

The Polish government took steps lockdown on a large scale for two weeks.

In addition, France will take the same steps as Poland starting next Sunday (28/3/2021).

Not only the two countries, Germany is also working on a plan to limit movement massively for a period of 5 days.

Lockdown It is believed that the implementation of various European countries will cause oil demand to decline, so that investors are more worried than the jammed Suez Canal on Wednesday (24/3/2021) yesterday.

The two matters will also be discussed at the meeting of the Organization of Petroleum Exporting Countries (OPEC) which will take place on April 1, 2021.

Also read: Predicted Crude Oil Price of Rp. 1 Million Per Barrel, This is the Cause

Although OPEC is believed to still be extending production cuts, some analysts believe the organization will come up with a new strategy to keep oil prices on global markets.

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