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Oil Price Falls Below $100/bbl

Oil Price
Written by bobby
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Oil Price Falls Below $100/bbl: Oil Price Falls Below $100/bbl: Oil price at the time of writing this story at around 12:00 pm (IST) trades in the red, with Brent crude down by 0.29% at $99.74 per bbl, while the WTI benchmark is at $93.73 per bbl. The losses in the commodity are on the back of weak factory data reported in many nations, sparking concerns about its global demand situation.

Oil Price

Oil Price

In the previous session, Brent futures declined to the day’s low of $99.09 per bbl, its lowest since July 15. Also, at the same time, the US crude benchmark slumped to its lowest of $92.42 per bbl, its weakest since July 14. On Monday, recessionary concerns escalated after surveys revealed that factories didn’t gain momentum during the last month in the US, Asia, and Europe. Also, oil production registered a slow down amid Covid restrictions in China and sagging global demand.

Another reason for the oil price drop is that market participant await the decision on September output to be decided in the meeting scheduled for Wednesday between OPEC and allied nations including Russia, collectively known as OPEC+. As a Fox Business news reported Saudi Arabia will nudge OPEC + to enhance oil production at the meeting.

About the author

bobby

Hi, I am Bobby. Blogger India. I love writing, and reading articles. Blogging is my passion. I have started my blogging career in 2016.

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