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Oil Prices Ease on Dim Economic Outlook Despite Signs of Firmer Demand


Wednesday, 20 May 2020 08:34 WIB

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Oil prices dipped on Wednesday as concerns over the lasting economic fallout from the coronavirus pandemic outweighed signs of improving demand and production cuts by major oil producers.

Brent crude futures for July delivery (LCoc1) were trading down 11 cents, or 0.3%, at $34.54 per barrel at 00:31 GMT.

U.S. West Texas Intermediate (WTI) crude futures for July (CLc1) were down 13 cents, or 0.4%, at $31.83 a barrel. The July contract became the front month after WTI futures for June expired on Tuesday, avoiding the chaos of last month's May expiry when prices slid into negative territory.

Oil prices have risen in the past three weeks, with both benchmarks climbing to above $30 for the first time in more than a month on Monday, supported by massive output cuts by major oil producers and signs of improving demand.

Source : Reuters


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