Oil prices fell slightly on Friday as investors weighed rising supplies from major producers and the impact of Covid-19 lockdowns on fuel demand.

Brent crude for June settlement dipped 0.3 percent to $63 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for May delivery were down 0.2 percent at $59.49 per barrel.

Both contracts are poised for a weekly decline after the Organization of the Petroleum Exporting Countries and allied producers have agreed to gradually increase their output by 2 million barrels per day between May and July.

The forecast for global oil demand outlook has shifted lower amid renewed lockdowns in parts of the world to curb rising Covid-19 cases and problems with vaccinations.

Indian refiners are holding back crude runs as demand slows, with headwinds ahead in the near term, including high fuel prices and localized lockdowns due to rising cases of covid-19 in several states, S&P Global Platts Analytics said in a statement.

Efforts to resolve a nuclear standoff between the U.S. and Iran as well as recent data showing a surge in U.S. gasoline stocks also weighed on oil prices.

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

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