Oil exacerbates its losses – RT Arabic

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Reuters

Oil is compounding its losses

Oil prices decreased today, continuing to suffer losses, and is heading towards the second monthly decline due to the growing fears that the high number of corona infections in Europe and the United States may harm fuel consumption.

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Oil prices are falling by 4%, hitting the lowest level in months

Brent crude fell for a third day and fell by 1.4% to $ 37.14 a barrel, by 06:28 GMT, after touching its lowest level in five months in the previous session.

While “West Texas Intermediate crude” fell by 1.3% to $ 35.69 a barrel, after falling to its lowest levels since last June on Thursday.

Geoffrey Haley, chief market analyst for the Asia-Pacific region at Oanda in Singapore, said: “In light of a European slowdown that threatens global consumption, and the return of Libya’s production, the onus must now fall on (OPEC +) to reconsider increasing its production by two million barrels per day. Next January. ”

He added that it is unlikely that oil prices will maintain any rise in this atmosphere that lacks an OPEC + statement.

It is expected that the countries of the “OPEC +” group will increase production by two million barrels per day in January as part of the agreement of its members on production.

But Saudi Arabia and Russia, two major producers, support maintaining the group’s production cuts of about 7.7 million barrels per day currently next year, with the threat of renewed isolation measures in Europe to slow demand again.

Source: “Reuters”

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