Oil prices slip from six-week high, on track for monthly gains
Oil prices slipped on Friday, taking a breather after touching their highest in six weeks as economic recovery and bullish summer fuel demand outlook outweighed concerns of wider lockdowns in India and Brazil to curb Covid-19 pandemic.
Brent crude fell 26 cents, or 0.4%, to $68.30 a barrel by 0041 GMT, the last day’s trading for the front-month June contract. US West Texas Intermediate crude for June was at $64.73 a barrel, down 28 cents, or 0.4%.
Brent is on track to rise roughly 8% in April while WTI could see gains of nearly 10%. The increases in April will be the fifth monthly gains in six months as global demand has almost returned to pre-pandemic levels on the back of fiscal stimulus while production cuts from OPEC and their allies including Russia eased crude oil oversupply.
