Oil prices opened about 1% lower on Sunday as a persistent glut continued to weigh on prices and the coronavirus pandemic eroded global oil demand even as some governments began to ease lockdowns.
Brent crude LCOc1 was down 29 cents, or 0.9%, at $30.68 a barrel by 6:05 p.m. ET while U.S. oil CLc1 fell 26 cents, or 1.1%, to $24.48 a barrel.
“Oil companies are dealing with a plethora of challenges due to the sudden decline in demand,” Haseeb Ahmed, oil and gas analyst at GlobalData, said in a note. However, both benchmarks have notched gains over the past two weeks as countries have eased lockdowns and fuel demand has rebounded modestly. Oil production worldwide is also declining to reduce a swelling supply glut.
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