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Reuters
Oil worsens its losses
Oil prices fell today, continuing to suffer losses, and are heading for the second monthly decline amid growing fears that the high number of corona injuries in Europe and the United States could adversely affect fuel consumption .
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Brent crude fell on a third day and fell 1.4% to $ 37.14 a barrel at 06:28 GMT after hitting its lowest level in five months in the previous session.
While “West Texas Intermediate crude” fell 1.3% to $ 35.69 per barrel, after falling to its lowest level since last June Thursday.
Geoffrey Haley, chief market analyst for the Asia-Pacific region at Oanda in Singapore, said: “In light of a European slowdown threatening global consumption and the return of Libyan production, it is now up to (OPEC +) to reconsider increasing its production by two million barrels per day. Next january. “
He added that oil prices are unlikely to keep rising in this atmosphere that lacks an OPEC + statement.
It is expected that the countries of the “OPEC +” group will increase their production by 2 million barrels per day in January as part of its members’ agreement on production.
But Saudi Arabia and Russia, two major producers, support the group’s continued production cuts of around 7.7 million barrels per day now next year, with the threat of further isolation measures in Europe. to slow down demand again.
Source: “Reuters”
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