SINGAPORE (Reuters) – Global crude oil markets have lost about a fifth of their value in 2020 as tight coronavirus locks paralyze much of the global economy, but prices have plummeted. back strongly from their bottoms as governments introduced more stimulus.
On Thursday, the last trading day of 2020, Brent traded down 18 cents, or 0.4%, at $ 51.45 a barrel, as of 0136 GMT and US West Texas Intermediate (WTI) lost 0.1%, or 5 cents, to $ 48.35 per barrel.
Brent and WTI have more than doubled from a ten-year decline seen in April, spending a year that marked the first negative prices for WTI that surprised investors around the globe.
Asian shares are expected to end a turbulent 2020 by approaching high rates on Thursday as more risky currencies move near 2-1 / 2-year peaks, bolstered by hopes that vaccine spread will help COVID-19 the world to get the pandemic.
In the short term, concerns about coronavirus locks are likely to outweigh benefits.
A new version of the virus in the UK has led to movement restrictions, hitting near-term demand and measuring prices, while hospitals and infections have risen in parts of Europe and Africa.
In terms of supply, U.S. energy companies this week added 3 crude oil and natural gas to the best quarter to boost the rig count from the second quarter of 2017, according to data from Baker Hughes.
The January 4 meeting of the Organization of the Petroleum Exporting Countries, including Russia, an organization called OPEC +, is expected to yield 500,000 barrels per day in January.
Reciting with Naveen Thukral; Edited by Michael Perry