[Singapore 27 Reuters]-Crude oil futures in Asian time fell. This is because the country's oil production recovered earlier than expected after the attack on the Saudi oil facility on the 14th of this month. Concerns about the slowdown in the global economy and concerns that the demand for crude oil will be sluggish are pressing the market.
As of 0131 GMT (10:31 am Japan time), North Sea Brent futures <LCOc1> is $ 0.32 (0.5%) lower, 1 barrel = $ 62.42.
US WTI crude futures <CLc1> is $ 56.33, down $ 0.08 (0.1%).
“The market was generally weak this week. Saudi oil production has recovered faster than expected, and market bullish has lost momentum,” said Axtraderer, Asia Pacific market strategist Steven Ines.
At the current level, WTI is 3% lower per week, the first significant drop in 10 weeks. North Sea Brent is 2.9% lower, the first decline in seven weeks.
