Oil prices increase after sharp drops over demand concerns
Oil prices began increasing again on Wednesday, March 24, after a steep fall throughout the past trading session over demand worries, as severe constraints and lockdowns have once again been put in place after the increase in the number of coronavirus cases throughout Europe.
International benchmark Brent crude was trading at USD61.70 per barrel at 0708 GMT for a 1.49 percent increase after closing on Tuesday, March 23, at USD60.79 a barrel.
American benchmark West Texas Intermediate (WTI) was at USD58.45 per barrel at the same time for a 1.19 percent upsurge after it ended the past session at USD57.76 a barrel.
Oil prices saw spiky drops throughout the past trade, with Brent dropping by 5.93 percent and WTI by 6.16 percent mostly because of the increase in coronavirus cases in Europe, which is expected to reach these economies again and curtail oil demand.
