Crude oil prices declined sharply on Monday, weighed down by the recent decsion of major oil producers to increase production from May, and on concerns about outlook for energy demand due to rising coronavirus cases.

West Texas Intermediate Crude oil futures for May ended down $2.80 or about 4.6% at $58.65 a barrel, the lowest settlement in more than a week.

Brent crude futures were down $2.61 or about 4% at $62.25 a barrel a little while ago.

The Organization of the Petroleum Exporting Countries, Russia and their allies, collectively known as OPEC+, decided last week to boost output in May by 350,000 barrels a day, and by the same amount again in June, and further 400,000 bpd or so in July.

Saudi Arabia will restore an additional 1 million barrels per day in cuts that it made on its own as economies slowly expand after pandemic lockdowns.

Meanwhile, outlook for energy demand appears to be weak due to spikes in coronavirus cases in several countries, including India.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.