Oil prices fall on worries of waning demand in US and China

Oil prices fall on worries of waning demand in US and China
# 13 November 2023 08:44 (UTC +04:00)

Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment., APA reports citing Reuters.

Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel at 0400 GMT, while the U.S. West Texas Intermediate (WTI) crude futures for December were at $76.49, down 68 cents, or 0.88%.

Both benchmarks were well below the 100-day moving average of $86.61 a barrel for WTI and $82.31 a barrel for Brent.

Prices gained nearly 2% last Friday as Iraq voiced support for oil cuts by OPEC+, but lost about 4% for the week, notching their third weekly losses for the first time since May.

#
#

THE OPERATION IS BEING PERFORMED