Oil prices fall after solid week

2021-06-29 04:21

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NEW YORK, June 28 (Xinhua) -- Oil prices retreated on Monday, giving up some of the gains they had scored in the prior week.

The West Texas Intermediate for August delivery lost 1.14 U.S. dollars to settle at 72.91 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery decreased 1.5 dollars to close at 74.68 dollars a barrel on the London ICE Futures Exchange.

For the week ending Friday, the U.S. crude benchmark surged 3.9 percent, while Brent climbed 3.6 percent, based on the front-month contracts.

"Demand appears very strong regardless of the mobility restrictions (some of which have been reintroduced) because of Covid-19," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

Traders awaited a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies on crude production levels. The group, collectively known as OPEC+, is slated to meet via videoconference on July 1.
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