Crude oil prices edged lower on Thursday, weighed down by concerns about outlook for energy demand due to rising coronavirus cases and reports about extended lockdown measures in several countries across the world.

Recent data showing a sharp surge in U.S. gasoline stocks weighed as well. The Energy Information Administration’s data on Wednesday showed gasoline stocks increased by 4 million barrels, against expectations of a decline as refiners ramped up production before the summer driving season.

Traders were also following the progress on the U.S.-Iran nuclear deal front and weighing plans by OPEC+ to progressively add production amid bets on a significant boost in oil demand over the coming months as vaccinations gain pace.

West Texas Intermediate crude oil futures for May ended down $0.17 or about 0.3% at $59.60 a barrel.

The Organization of Petroleum Exporting Countries and its allies have announced a roadmap to ease production curbs over the three months to July by restoring more than 2 million barrels a day.

The material has been provided by InstaForex Company – www.instaforex.com

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.