Crude prices slump on concerns of U.S. riots

Crude oil prices have slumped following days of riots in the United States which disrupted demand.

Oil prices were gradually recovering from a historic price crash as a result of the Coronavirus pandemic.

The Organisation of Petroleum Exporting Countries (OPEC) says it is considering meeting this June to discuss whether to extend record production cuts or moderate the cuts.

Last week oil prices sold for $37.84 per barrel before protests over the death of George Floyd rocked the United States.

Brent crude traded down 16 cents a barrel at 37.68 U.S. after it had risen to $37.50 per barrel, on June 1.

West Texas Intermediate Crude also fell to $35.11 from $35.25 for July delivery. The price had surged by $1.78 dollar on Friday.

Related posts:

U.S. increases imports of Nigerian Crude Global crude oil prices begin upward trend OPEC awaits approval from Russia to impose manufacturing cuts Crude oil prices stay stable at International market Dangote refinery will cut West Africa fuel imports – OPEC Oil prices tumble on demand collapse, Brent at 1999 lows Oil hits 18-month high after Opec members’ output drops OPEC, Russia meet to extend record oil cuts, push for compliance