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Oil prices drop due to low demand prediction from OPEC, IEA

Oil prices drop due to low demand prediction from OPEC, IEA

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Oil prices on Friday continued to drop following the prediction of a weak revival in transportation fuels for the first six months of the 2021 from the Organization of Petroleum Exporting Countries’ (OPEC) and with the International Energy Agency’s (IEA) concern over low oil demand.

International benchmark Brent crude was trading at USD60.73 per barrel at 0606 GMT for a 0.67 percent decline after closing Thursday at USD61.14 a barrel.