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NE W YORK- Oil prices settled lower and fell around 2 percent this week as production increases and renewed COVID-19 lockdowns in some countries offset optimism about a recovery in fuel demand.
Brent crude futures for June settled down 22 cents, or 0.4 percent, to $62.95.
US West Texas Intermediate (WTI ) crude for May ended 28 cents, or 0.5 percent, lower at $59.32.
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Downward pressure has been exerted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
