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.