Oil prices fall on concerns of global economy

Oil prices fall on concerns of global economy
Oil prices fall on concerns of global economy

Due to concerns about the global economy, oil prices fall and Brent Crude declined by 0.2%.

Oil prices fell on Monday on continuing concerns about the globaleconomic outlook and their impact on oil demand.

Brent crude futures fell 10 cents, or 0.2%, to $59.32 a barrel,while US crude futures fell 9 cents, or 0.2%, to $53.69 a barrel, according toReuters.

In the same context, Russia said the oil it produced last Septemberwas more than stipulated in a global agreement due to an increase in gas condensateproduction as the country prepares for the winter season.

OPEC, Russia and other producers (OPEC+) agreed in December 2018,to reduce production by 1.2 million bpd from the beginning of 2019.

On the other hand, China's economic growth slowed to 6% year-on-yearin the third quarter of this year, the weakest growth in twenty-seven and ahalf years, which is below expectations.

The slowdown in the Chinese economy was a result of falling factoryproduction and continuing trade tensions. However, refinery production in Chinaincreased by 9.4% year-on-year in September, indicating that demand for oilfrom its largest importer in the world remains strong.

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