Oil market continues its decline

On Thursday, the oil market continues to decline, for the sixth trading session in a row. This was the longest drop since February 2020, when the coronavirus pandemic began. In June this year, as the global economy grew, Brent peaked at $78, WTI traded at $77 per barrel – which are 2019 highs.

The current Brent quotation is $66.02 per barrel. WTI crude is trading near lows in the $62.80 area.

Analysts note that demand for fuel is falling in the world due to fears of an increase in mortality due to a new variant of the virus, the crisis in Afghanistan, as well as plans by the United States to increase production of shale oil to replenish reserves before winter. Moreover, there is a high mortality rate in the countries that produce and consume the most fuel.

Recall that the market began to fall on Monday, after the Taliban occupied Afghanistan. Then the price of Brent oil fell below the psychological level of $70 and continued to decline throughout the week.