Oil prices fluctuating amid COVID uncertainty

Global oil prices on May 17 morning are fluctuating weakly near the previous indicators in uncertainty about the forecasts for the dynamics of demand for crude in light of the situation with COVID, according to trading data, Report informs.

The price of July futures for North Sea Brent crude oil blend decreased by 0.03 percent, to $68.69, July futures for WTI oil grew by 0.12 percent, to $65.44 per barrel, June futures for WTI oil increased by 0.05 percent to $65.41 per barrel.

Oil prices are fluctuating on May 17 morning after rising for two trading sessions. Investor sentiment is being affected by outbreaks of coronavirus in parts of Asia.

On the other hand, the recovery of demand for oil in other key regions of the world is contributing to investor optimism.

“The recovery happening in Europe and the US is good enough to support oil,” said Stephen Innes, global managing partner at SPI Asset Management. “There will be a lot of pent up demand for gasoline. We may continue to drift here for a little while until the Indian saga starts to ease up a little.”