Oil prices remain amid demand pessimism
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| Oil prices remain amid demand pessimism |
Oil prices fell on Monday, November 13, after rising on Friday due to renewed fears of shrinking demand in the United States and China, which negatively affected market sentiment.
Brent crude futures for January fell 71 cents, or 0.87%, to $80.72 per barrel, and West Texas Intermediate crude futures for December fell 68 cents, or 0.88%, to $76.49 per barrel.
The two crude oils fell below the 100-day average price of $86.61 per barrel for West Texas Intermediate crude, and $82.31 per barrel for Brent crude.
Reasons for the volatility of oil prices
Prices rose by about 2% on Friday after Iraq expressed its support for the production cuts implemented by the OPEC+ group, but they fell by nearly 4% during the week, recording losses for the third week in a row for the first time since May.
The US Energy Information Administration said last week that US crude production this year will increase slightly less than expected, while demand will decline.
Saudi Arabia and Russia, two major oil exporters, confirmed last week that they would continue voluntary oil production cuts until the end of the year, as concerns related to demand and economic growth continue to cast a shadow over crude markets.