Oil prices drop for a second day with market oversupplied
Analysts expect aviation to be a major factor for oil demand, but see no improvement in the sector in the short term
12 February 2021 - 13:21
London — Oil prices dropped for a second day on Friday, pulling further back from a one-year high after oil cartel Opec again lowered its demand forecast and the International Energy Agency (IEA) said the market remains oversupplied.
Brent crude was down 34c, or 0.6% at $60.80 a barrel by 10.5am GMT, having dropped 0.5% in the previous session. US oil was down 39c, or 0.7% at $57.85 after falling 0.8% on Thursday...
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