The price of crude continued to slide on Friday for the sixth day in a row. It is down nearly 9% for the week, as a new wave of Covid infections across Europe has led to new lockdowns and doubts over recovery in fuel demand. Global benchmark Brent was trading around $63 a barrel on Friday, while US West Texas Intermediate (WTI) was down below $60 per barrel. According to Goldman Sachs, the headwinds related to European Union demand and Iran supply could slow the oil market rebalancing by 0.75 million barrels per day (bpd) in the second quarter. Goldman said it expects OPEC+ will act to offset that. “The market is becoming increasingly
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