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Oil drops with weak demand
- Time: 11/15/2021 09:14:49
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{Economic: Al Furat News} Crude oil prices fell today, Monday, under pressure from expectations of increased supplies and weak demand.
Brent crude futures were down 50 cents, or 0.61 percent, at $81.67 a barrel by 05:11 GMT. US West Texas Intermediate crude lost 45 cents, or 0.56%, to $80.34 a barrel.
Both markets have fallen over the past three weeks, weighed down by a stronger dollar and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to calm prices.
US energy companies this week added oil and natural gas rigs for the third week in a row as crude prices reached near a seven-year high, prompting some prospectors to return to the wells rig.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter by 330,000 barrels per day from last month's forecast, as higher energy prices hampered the economic recovery from the COVID-19 pandemic.
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{Economic: Al Furat News} Crude oil prices fell today, Monday, under pressure from expectations of increased supplies and weak demand.
Brent crude futures were down 50 cents, or 0.61 percent, at $81.67 a barrel by 05:11 GMT. US West Texas Intermediate crude lost 45 cents, or 0.56%, to $80.34 a barrel.
Both markets have fallen over the past three weeks, weighed down by a stronger dollar and speculation that the administration of President Joe Biden may release oil from the US Strategic Petroleum Reserve to calm prices.
US energy companies this week added oil and natural gas rigs for the third week in a row as crude prices reached near a seven-year high, prompting some prospectors to return to the wells rig.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) last week lowered its forecast for global oil demand for the fourth quarter by 330,000 barrels per day from last month's forecast, as higher energy prices hampered the economic recovery from the COVID-19 pandemic.
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