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Oil prices continue to fall from October, the highest in four years. A futures contract for the delivery of Brentolja next month is 75:35 dollars a barrel, down from 86:74 dollars a barrel on October 3.
The fall in prices occurred despite considerable uncertainty about the effects of sanctions imposed by the United States on Nov. 4 on Iran's oil exports. Increased oil production in the United States and other major oil producing countries, such as Saudi Arabia, helps maintain supply.
At the same time, the market is shaken by widespread concern for global trade and growth, in part because of the US-China trade war, the world's two largest economies. In addition, the burgeoning emerging economies have serious currency problems, uncertainties about brexit, rising market interest rates and a growing concern for Italy's budget deficit with the EU.
Weaknesses indicating a reduction in world trade are also found in large parts of the shipping sector, with container and bulk prices falling in October.
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