Oil prices are falling below $ 45

Friday 14, August 2020 18:20
 
Baghdad / NINA / Oil prices fell to less than $ 45 a barrel on Friday, August 14th, losing many of this week's gains under pressure from uncertainties about the recovery in demand as a result of the Covid-19 pandemic and the growing supply.

The International Energy Agency and the Organization of the Petroleum Exporting Countries, two of the biggest exporters of forecasts, this week cut their forecasts for oil demand in 2020.

OPEC and its allies are raising production this month.

By 1345 GMT 4:45 pm Baghdad time, Brent crude was down 17 cents, or 0.4%, to $ 44.79 a barrel.

US West Texas Intermediate crude lost 19 cents, or 0.5%, to $ 42.05 a barrel.

Prices were supported this week by US government data that showed inventories of crude oil, gasoline and distillates decreased last week, while refiners intensified production and improved demand for oil products.

OPEC and allies including Russia, in what is known as the OPEC + group, have been cutting production since May by about 10% of global demand before the pandemic to support the market.

The deal implies an increase in production this month as demand recovers. / End 3

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