Updated .. Oil deepens its losses to about 2% with fears of a recovery in demand


direct: Oil prices deepened their losses to about 2 percent during trading on Friday, with concerns about the pace of recovery in fuel demand and amid efforts by major crude producers to achieve balance in the markets.

The black gold was negatively affected by the economic activity data in the euro zone, Germany and France that showed Loss of momentum in the expansion of economic activity During the current month, while the performance of the industrial and service sectors in the United States came better than expected.

In a meeting held earlier this week, the OPEC + Ministerial Committee stressed the need for everyone to comply with the agreement to reduce production, but warned of the uncertainty about the epidemic and its implications for demand.

The black gold fell by about 1 percent in trading yesterday, amid economic concerns, after US jobless claims data showed an increase that exceeded expectations.

Data from Baker Hughes on oil and natural gas exploration activity in the United States will be announced later in the day.

By 1:33 pm GMT, the price of futures contracts for Brent crude for October delivery was down to $ 44.09 a barrel, down 1.8 percent.

At the same time, the price of US NYMEX crude futures for October delivery decreased by 2.1 percent, recording $ 41.92 a barrel.


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