Friday, 16 October 2020 13:41

Oil prices go down

Brent crude futures for December dropped 22 cents, or 0.5 percent, to USD 42.94 a barrel by 0154 GMT, while US West Texas Intermediate (WTI) crude futures for November delivery slid 16 cents, or 0.4 percent, to USD 40.8 a barrel.

Oil is falling due to a possible increase in OPEC + supply, a surge in COVID-19 in Europe and the United States, which negatively affects TOKYO's mood. States are reducing demand in the two regions with the highest fuel consumption in the world.

A technical committee of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, a group known as OPEC+, ended a meeting on Thursday expressing concerns about rising oil supply as social restrictions to curb the spread of COVID-19 limit fuel usage.

Read 427 times Last modified on Saturday, 17 October 2020 13:49