Singapore - Sana
Oil prices fell by more than a fifth after the Corona virus caused markets to lose appetite for crude oil, despite a return to the rise resulting from the deployment of vaccines at the end of 2020.
The benchmark for the Brent North Sea crude contract in Europe reached $ 51.13 a barrel in mid-afternoon deals, as Brent crude fell by 0.7 percent to $ 51.25 a barrel from the price of the previous day, and West Texas Intermediate crude also fell by 0.7 percent, and the barrel price reached $ 48.05.
The oil market had started 2020 well with rising prices after rising tensions in the oil-rich Middle East threatened to disrupt these valuable supplies.
Oil prices rose significantly in early January with the rise in the price of Brent crude to $ 71.75.
Prices later retreated due to the repercussions of the Covid 19 pandemic, especially with the increase in losses in March when companies closed their doors to limit the spread of the virus.
And the tight restrictions have curbed the demand of sectors that mainly use oil, such as aviation, with aircraft being suspended all over the world while the global economy has entered a recession, which has led to large losses in this sector.
