Oil prices continued to fall amid fears for demand

MOSCOW, 10 Oct – PRIME. World oil prices continue to decline on Monday afternoon, investors are evaluating the prospects around demand, according to trading data and analyst comments.

Oil fluctuates after OPEC+ decision to cut production

As of 13.39 Moscow time, the price of December futures for Brent crude fell by 0.6% to $97.33 per barrel, November futures for WTI by 0.44% to $92.23 per barrel. In the morning oil became cheaper by 0.8%.

“Markets are taking a breather. The OPEC+ news has already played out, so it’s time to look at demand again,” Hans van Cleef, senior energy economist at ABN Amro Bank NV, told Bloomberg.

Last week, Brent oil rose 11.3%, WTI – 16.5% on expectations of a reduction in supply. Then OPEC + decided to reduce the production of “black gold” by 2 million barrels per day from November.

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They affect trading and currency quotes. The dollar index (the exchange rate against a basket of currencies of six countries – US trading partners) rose by 0.26%, to 113.09 points. The appreciation of the dollar makes commodities, including oil, less affordable when bought in another currency.


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