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Brent crude is heading for its first loss in weeks
- Time: 10/22/2021 11:18:32
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{Economic: Al Furat News} Oil prices fell today, Friday, and Brent crude is about to record its first weekly loss in seven weeks, with the slowdown in demand for oil products in the power generation sector, amid the decline in coal and gas prices.
Brent crude futures fell 0.6 percent to $84.11 a barrel, by 06:45 GMT, after falling $1.21 in the previous session.
Brent touched a three-year high of $86.10 on Thursday, but was on track to fall 0.9 percent this week, its first weekly decline since September 3, 2021.
West Texas Intermediate crude futures fell 0.6 percent to $82.01 a barrel, after losing 92 cents yesterday.
"Oil witnessed some correction in commodity selling amid renewed fears of the Corona virus and expectations of a milder winter in the United States," said Ravindra Rao, vice president of commodity management at Kotak Securities.
Oil markets hit multi-year highs this week on fears of coal and gas shortages in China, India and Europe, prompting a shift to diesel and fuel oil for power generation.
[You must be registered and logged in to see this link.]
{Economic: Al Furat News} Oil prices fell today, Friday, and Brent crude is about to record its first weekly loss in seven weeks, with the slowdown in demand for oil products in the power generation sector, amid the decline in coal and gas prices.
Brent crude futures fell 0.6 percent to $84.11 a barrel, by 06:45 GMT, after falling $1.21 in the previous session.
Brent touched a three-year high of $86.10 on Thursday, but was on track to fall 0.9 percent this week, its first weekly decline since September 3, 2021.
West Texas Intermediate crude futures fell 0.6 percent to $82.01 a barrel, after losing 92 cents yesterday.
"Oil witnessed some correction in commodity selling amid renewed fears of the Corona virus and expectations of a milder winter in the United States," said Ravindra Rao, vice president of commodity management at Kotak Securities.
Oil markets hit multi-year highs this week on fears of coal and gas shortages in China, India and Europe, prompting a shift to diesel and fuel oil for power generation.
[You must be registered and logged in to see this link.]
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