Last week, Chinese authorities did not announce long-awaited new measures to stimulate economic growth in the country.
World oil prices eased slightly at the start of the new work week. This was confirmed by the trading data on the morning of Monday, October 14.
Thus, December futures for Brent oil fell in price on the London ICE Futures exchange by $1.32 (1.67%) to $77.72 per barrel. On Friday, Brent fell $0.36 (0.5%) to $79.04 a barrel.
November futures for WTI in electronic trading on the New York Mercantile Exchange NYMEX fell $1.29 (1.69%) to $74.28 a barrel. In the previous session, the contract fell in price by $0.29 (0.4%) to $75.56 per barrel.
As written by Western agencies, oil market prices are adjusted downward due to fears of a reduction in fuel demand from China.
Last week, Chinese authorities did not announce long-awaited new measures to stimulate economic growth in the country. In addition, experts expect that OPEC+ countries will begin to increase production.
Market concerns about the possibility that Israel’s response to Iran’s October 1 missile attack could disrupt oil production were largely overstated, although the United States warned Israel against such attacks. on Iran’s energy infrastructure.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.