Crude oil Prices open Lower in Asia Morning Trade because of Oversupply production of Opec & Non Opec Countries.
In Early Trade ,Brent CRUDE is 3.57% Down & WTI CRUDE Down by 7% ,As OPEC+ countries agreed 10 Million Barrel Cut Daily in April which comes effect from this friday.
Brent crude almost Fallen 60% this year whic is record fall,nearly Hitting 21 year Low.
Energy services firm Baker Hughes Co also said that U.S. energy firms cut oil rigs for a seventh week in a row.
These cuts brought totals down to 325, the lowest since June 2016.
While OPEC Raised Production from past year March which keeps prices in Pressure.
There are already concerns that producers will struggle to meet their production cut quotas.
With OPEC’s second-largest producer Iraq predicted to face difficulty meeting its commitment to cut output by nearly a quarter.
Even as more countries ease their lockdown measures with dropping numbers of COVID-19 case.
Some investors expressed doubt that the increased demand and cuts could solve the oversupply problem in oil.
If Crude Prices Remains Under Pressure then it will be Bad Impact on Economy of Oil Producing Countries.
Due to Lockdown in Almost Every Countries in the World the Oil prices are Remains in RED & Under Pressure.