Oil price heading for longest downturn since 2018 in fuel boost - latest updates

INA-  sources



The price of oil is on track for its worst downturn in five years in a potential boost for drivers.

Global benchmark Brent is on track for a seventh consecutive weekly fall, raising pressure on fuel suppliers to pass on savings to drivers.
Brent, which is trading at around $75 a barrel, had slumped 11pc before Thursday’s session despite pledges by the Opec+ cartel to reduce production in a bid to prop up prices. It had traded near $100 in September.

Crude has closed every session lower since last week’s meeting between the Opec+ as the group’s plans for deeper cuts were met with scepticism. 

Vladimir Putin and Saudi leader Crown Prince Mohammed bin Salman issued a joint statement this week urging countries to follow through with proposed supply cuts in an effort to prop up prices.

However, concerns about demand from China and weak factory data from Germany are outweighing the impact of supply cuts.
 Ravindra Rao, head of commodity research at Kotak Securities said: “The oil demand outlook remains bleak. 

“China’s recovery failed to gain traction, while Western factory activity continues to be in contraction.”

source: Telegraph