BUSINESS

Oil Prices Show Further Decline

Oil prices edged lower at the end of the week on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.

Brent crude futures for June fell 37 cents to $62.83 a barrel, while U.S. West Texas Intermediate (WTI) crude for May was at $59.24, down 36 cents.

Both contracts are on track for a two to three percent drop this week but still far from a low of $60.47 hit two weeks ago.

Readers Bureau, Contributor

Edited by Jesus Chan

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