Oil is falling globally amid fears of shrinking demand in China and the United States

Translated by Ayaa shabeb

Crude oil prices fell on Monday morning, November 13, 2023, after rising on Friday due to renewed fears of shrinking demand in the United States and China, which adversely affected market sentiment. January Brent crude futures fell 71 cents, or 0.87%, to $80.72 per barrel, and December WTI futures fell 68 cents, or 0.88%, to $76.49 per barrel. Khaman fell below the average 100-day price of $86.61 per barrel for WTI and $82.31 per barrel for Brent. Prices rose about 2% on Friday after Iraq expressed support for OPEC + production cuts, but fell nearly 4% during the week, recording losses for the third consecutive week for the first time since May. The U.S. Energy Information Administration said last week that crude production in the United States this year would increase its barking.

Related Articles

Back to top button