collapse of oil is worrying markets .. Where are the prices heading?[/size] Twilight News
2 hours ago
(Reuters) - Oil prices plunged in Friday's trading into global market concerns after a new wave of dramatic price declines.
US oil prices fell by as much as 7 percent, while Brent crude, the global benchmark, fell by 5.5 percent.
The recent sell-off led to a fall in the price of US crude to below $ 51 a barrel for the first time since October 2017, recording a loss of almost 10% in last week's trading.
Concern over increased supply and falling demand has caused oil to drop by a third since rising to a four-year high of over $ 76 a barrel in early 2018.
"The six-week intensive sell-off was at least alarming," said Michael Hague, head of commodities research at Societe Generale.
The oil bulls "buyers" hope that OPEC and Russia will succeed in saving markets by announcing significant production cuts at a meeting next month in Vienna.
For his part, US President Donald Trump is pressing Saudi Arabia and OPEC to not cut production despite the collapse of prices.
Traders in the oil markets are concerned about Trump's recent praise for Saudi Arabia, which suggests that the Saudis will not support a significant cut in production.Keywords: http://www.shafaaq.com/ar/Ar_NewsReader/d386e59b-9f60-4386-be5c-9c759038618a