2023-11-21T04:46:40+00:00
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/ Oil futures fell on Tuesday, bucking its upward trend the previous day, as concerns about weak demand in light of the slowdown in the global economy overshadowed the possibility of further cuts in supplies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.
Brent crude futures fell 19 cents, or 0.2 percent, to $82.13 per barrel by 0013 GMT, and the price of US West Texas Intermediate crude fell 15 cents, or 0.2 percent, to $77.68 per barrel.
The two benchmark crude oils rose about two percent, on Monday, after three sources in the OPEC+ alliance told Reuters that the group of producers, consisting of OPEC and its allies, will study the option of making additional cuts in oil supplies when it meets on November 26.
The oil market has declined approximately 20 percent since late September, as crude oil production in the United States, the world’s largest producer, remains at record levels, while the market is concerned about the growth in demand, especially from China, the largest oil importer.