Decline in oil prices on world markets

Economy

21-11-2023, 10:13

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INA- sources

Oil futures fell on, Tuesday; reversing their upward trend the previous day as concerns about weak demand amid a slowing global economy overshadowed the prospect of further supply cuts by the organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.

Brent futures fell 19 cents, or 0.2%, to 82.13 $ a barrel and the price of US West Texas Intermediate crude fell 15 cents, or 0.2%, to 77.68 $ a barrel.

The two benchmarks rose about 2% on Monday after three sources in the (OPEC+) alliance reported that the producer group, consisting of (OPEC )and its allies, will study the option of additional cuts in oil supplies when it meets on November 26.

Sources –AL - Arabiya