Oil accelerated the decline at the end of the trading day

On Monday evening, oil quotes accelerated their decline amid investor concerns about the growth of supply in the face of weakening demand. 

The current Brent oil quote is $81.00 per barrel, WTI crude oil has declined to $78.50 per barrel. Both brands have finished the last three weeks in the red due to the strengthening of the dollar and expectations that the US authorities may put up for sale oil from strategic reserves. That's what happened – last week, the United States printed out oil reserves to stabilize domestic prices, throwing 3.1 million barrels on the market.

Today, the main pressure on the oil exchange rate is exerted by the increase in the incidence of coronavirus in the world and related concerns about oil demand due to the next lockdowns or restrictions.

Meanwhile, according to oilfield services company Baker Hughes, the number of operating oil and gas drilling rigs in the United States increased for the third week in a row. Their number increased by 6 units and amounted to 556 installations.