The price of crude oil has fallen back below $70 U.S. a barrel due to weakening global demand and adequate supplies.
West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is currently trading at $68 U.S. a barrel, while Brent crude, the international standard, is changing hands at $72 U.S. per barrel.
Stockpiles of U.S. crude oil rose by 1.05 million barrels in the week ended May 26, according to data from Wood Mackenzie.
Crude oil prices have now declined 13% this year as China continues to recover from the Covid-19 pandemic and concerns grow about a global recession – both of which are weighing on energy demand.
Traders are now looking to the next OPEC+ coalition meeting on June 4 for signals about future oil production.
While Russia has promised to reduce its oil output, the country, which is one of the world’s major producers, has continued to flood markets with crude, further pushing down prices