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Oil futures prices fell on Monday after hitting a 10-month high at the end of last week as Saudi Arabia and the Kingdom of Russia decided to extend production cuts until the end of the week. of the year.
Prices fell on fears of a slowdown in the economy of China, the world’s biggest oil importer, threatening prospects for global energy demand.
U.S. West Texas Intermediate crude for delivery next October was down $0.22, or 0.3%, at $87.29 a barrel.
Brent crude, the international oil standard, also fell to $90.61 a barrel for delivery next November.
Edward Moya, Oanada’s chief market analyst, said the OPEC Plus group of oil-exporting countries has guaranteed to maintain an even supply in the market until the end of this year, meaning that falling demand will only create opportunities for buyers. . If the global economy does not deteriorate sharply, oil prices will continue to rise.
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