Crude oil prices decline

Business | 22 May 2020 1:00 pm

Oil prices fell back today, with benchmark U.S. crude losing US$1.30 to US$32.62 per barrel in electronic trading on the New York Mercantile Exchange. It closed higher on Thursday, the sixth day day in a row, gaining 43 US cents, or 1.3 percent at US$33.92 a barrel.
July Brent crude oil, the international standard, declined US$1.21 at US$34.85 per barrel. It gained 31 US cents, or 0.9 percent, to close at US$36.06 a barrel in London.
Crude oil started the year at about US$60 a barrel, but plummeted earlier this year as demand sank due to widespread travel and business shutdowns related to the coronavirus. The price has risen this month as oil producing nations cut back on output and the gradual reopening of economies around the globe have driven up demand.-AP


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