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Oil prices dipped in global trading on Wednesday amid news from Saudi Arabia on the end of a month-long campaign of air strikes against Houthi rebels, Reuters has reported.
June futures for North Sea Brent blend slid by 0.76% to $61.61 per barrel, while June futures for WTI crude oil were down by 1.13% to $55.97 per barrel.
Analysts predict further decline in oil prices during the second quarter.
Ahmed al-Asiri, a Saudi commander and the spokesperson of the Arab coalition, said on April 21 that the military operation in Yemen, led by Saudi Arabia, had ended at the request of Yemeni President Abd Rabbuh Mansur Hadi.
According to analysts, oil prices, while most likely continuing to fall in the second quarter, are not expected to hit the last year’s lows.
Another factor suppressing prices will be the publication of data from the Energy Information Administration of the U.S. Department of Energy on commercial oil inventories in the country over the week. Analysts believe that these have increased by 2.88 million barrels.