Oil prices record their biggest decline in a week

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Posted in: Monday 12 October 2020 – 10:57 PM | Last update: Monday, October 12, 2020 – 10:57 PM

Oil prices fell today, Monday, at their fastest pace in a week, in light of the near resumption of production from the fields of the Gulf of Mexico after the end of Hurricane Delta, and the reopening of the largest oil field in Libya.

Futures prices fell on the New York Mercantile Exchange by 3.8 percent to $ 39 a barrel, the biggest decline in a week, and broke the average barrier around which it revolved for 100 days, which indicates increasing pressure from supply in the markets.

The Bloomberg News Agency indicated that the Brent benchmark crude price for global markets fell to below its average over the past 100 and 200 days.

West Texas crude futures fell 1.34 dollars to 39.26 dollars a barrel for next November delivery.

The price of benchmark Brent crude fell $ 1.32 to $ 41.53 a barrel, for next December delivery.



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