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Falling oil prices

2021-11-26T07:29:28.318Z

Singapore, SANA- Oil prices fell more than 2% today, due to fears of an increase in global oversupply



Singapore-Sana

Oil prices fell more than 2% today, due to fears of an increase in global oversupply in the first quarter of next year, after a coordinated release of quantities of crude reserves in major consumers, and in conjunction with the detection of a new strain of the Corona virus that worried investors.

And Reuters news agency reported that Brent crude futures continued to decline for the third session in a row, falling $1.69, or 2.1 percent, to $80.53 a barrel.

US West Texas Intermediate crude fell $2.04, or 2.6 percent, to $76.35 a barrel.

Kelvin Wong, an analyst at CMC Markets, said that oil prices were likely to decline in conjunction with the broader financial markets on fears that the new strain of the Corona virus would damage demand by limiting movements again, while market participation fell due to holidays in the United States.

Source: sena

All business articles on 2021-11-26

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